Friday
May 24
2019

Kenyan Consortium Launches Mobile Banking App

By Vincent Matinde

A consortium of five banks in Kenya has launched a new mobile loan product named Stawi, backed by the Central Bank of Kenya (CBK).

The Commercial Bank of Africa Limited (CBA), the Cooperative Bank of Kenya Limited, Diamond Trust Bank Kenya Limited (DTB), KCB Bank (Kenya) Limited, and NIC Group PLC will seek to extend credit to businesses that have been locked out of the lending market.

In a market that is flooded with micro lending apps, Stawi will differentiate itself by targeting micro, small and medium scale enterprises in Kenya.

Photo courtesy of Neil Palmer.

Source: ITWeb Africa (link opens in a new window)

Categories
Finance, Technology
Tags
digital finance, emerging markets, fintech, mobile banking, mobile lending, MSMEs, SMEs