Uhuru Launches Loan App

President Uhuru Kenyatta on Wednesday, November 6, 2019, launched a money lending app.

Speaking at Safari Park Hotel, Uhuru launched Stawi App, a digital credit facility for small and medium enterprises (SMEs) and the inaugural Inua Biashara Day.

The Stawi digital credit app will be able to advance loans at an interest rate of 9 per cent per annum.

According to Uhuru, one factor that makes Stawi standout is the fact that it offers a longer repayment period than many lenders.

"Stawi will offer a longer repayment period to small business holders and therefore, grow their businesses to the next level," Uhuru highlighted.

“Stawi offers unsecured loans from Ksh 30,000 to Ksh 250,000 with repayment periods of between 1 to 12 months, at an interest rate of 9 per cent per year. When compared with other mobile-based loans, you will recognize that the Stawi product is very competitively priced,” a local bank recommended.

The president further disclosed that Stawi was established to alleviate challenges faced by SMEs that have gradually reduced their competitiveness and have experienced strained growth.

"In recognizing the potential of the SMEs sector to transform the lives of many Kenyans, the government has made a deliberate decision to prioritize the sector’s development as part of our big four agenda," President Kenyatta stated.

He also urged banks to reconsider their restrictions and regulations when advancing loans to young people and small businesses who have been considered high-risk lenders.

According to past reports, the new product will be managed by NCBA, Co-operative Bank, Diamond Trust Bank (DTB), and KCB.