Relief for Small Medium Enterprises as Kenya Bankers Association members launches the Stawi app, to facilitate quick credit, essential for business growth.
Speaking at the Safari Park Hotel, Paradise Garden, during the Inua Biashara Day celebrations, Uhuru noted that Micro, Small Medium enterprises are key contributors to a broad base and inclusive economic development model.
“They face several challenges which ultimately reduce their competitiveness and constrain their growth. About 90% of our Startup does not survive for 3 years. ” President Uhuru said.
According to its founders, Stawi is a solution designed for all entrepreneurs to improve access to credit aimed at establishing, growing or improving their business.
This service will provide entrepreneurs with a digital account for their business operations as they can bank all payments and money made from their business.
This will, in turn, open up access to easy credit in the form of business loans to help with their plans for growth.
Any registered Kenyan with a company, that has a monthly business turnover of 30,000 to 250,000 kenyan shillings will be elligible to apply or the funding.
The rise in digital lending platforms has both been a curse and a blessing to Kenyan businesses, with companies lamenting huge debts owed by Kenyans and the government closing into the high-interest rates offered by the platforms.