This archive report was first published on 7 November 2019.
On November 6, 2019, President Uhuru Kenyatta expressed his disappointment with a certain bank that has refused to join the Stawi Loan program, a mobile lending platform spearheaded by the Central Bank of Kenya.
The program, which aims to provide affordable credit to small and medium-sized enterprises (MSMEs), has been backed by several major banks, including KCB Group, Diamond Trust Bank, Cooperative Bank, and NCBA Group.
Speaking on the matter, President Kenyatta said, "You cannot just sit there in your ivory tower and think of minting money from investing in Treasury bonds. It is common sense."
The criticism has left many wondering whether the President was referring to Equity Bank, Barclays Bank, or Standard Chartered Bank, which have their own mobile loans platforms.
According to a report, President Kenyatta's remarks were in reference to the hesitance of some commercial banks to provide cash for onward lending through Stawi.
The Stawi loans are designed to accommodate MSMEs, which have long been unable to access affordable credit due to their high risk nature.
