Browsing: Kenya’s biggest banks

Micro, small and medium scale enterprises (MSMEs) in Kenya are the target of a pilot phase of a mobile loan product led by Keny’s biggest five commercial banks.

Launched by Central Bank of Kenya (CBK) Governor Dr Patrick Njoroge, the scheme targeting MSMEs comes after President Uhuru Kenyatta said he recognised the role played by MSMEs in spurring the development of the country.

“The sector, employs approximately 14.9 million Kenyans and contributes an estimated 28 per cent of our Gross Domestic Product,” said Kenyatta during his State of the Nation Address on April 4, 2019.

The mobile-based credit scheme is set to improve access to credit for small-to-midsize enterprises, which have allegedly been locked out of the formal credit market because of the informal nature of their records and lack of collateral for secured loans.

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Christened Stawi, the scheme will be managed by five banks – …