Product Description:
Presta Sign App is a comprehensive and secure mobile application that allows members of a Savings and Credit Cooperative (Sacco) to streamline the loan application process. With this app, members can create loan requests, find guarantors, and sign digital loan application forms, making the process quicker and more convenient.
The repayment period for loans through our partner Saccos using the Presta Sign App ranges from a minimum of 2 months to a maximum of 96 months, giving their members the flexibility to choose a repayment period that works best for them. The maximum Annual Percentage Rate (APR) for loans through Presta Sign App generally includes an interest rate between 2% and 14% plus fees and other costs for a year, or a similar rate calculated consistently with Kenyan law. This rate is designed to be competitive and affordable for members.
As a representative example, if a member of a Sacco takes out a loan of KES 50,000 with a repayment period of 12 months, they may expect to pay a total cost of KES 55,000, including the principal and all applicable fees. This amount may vary based on the specific terms of the loan and the APR.
Presta Sign App takes the privacy and security of its users very seriously. Our privacy policy comprehensively discloses the access, collection, use, and sharing of personal and sensitive user data, ensuring that members can use the app with confidence. We use industry-standard security measures to protect sensitive information and keep our users' data safe.
With the Presta Sign App, members of a Sacco can easily apply for loans and manage the loan application process from their mobile devices. Try Presta Sign App today and experience the convenience and security of digital loan applications.
Legal Position:
The Central Bank of Kenya (Digital Credit Providers) Regulations, 2022, (hereinafter the “Regulations”) were gazetted on March 18, 2022. The Regulations, which are now operational, provide for the licensing and oversight of previously Digital Credit Providers (DCPs) by CBK. However, under Section 2 of the Regulations, the following are exempted from the provisions of the regulations and therefore have no need for applying for a DCP license form the CBK:
Institutions licensed under the Banking Act Chapter 488;
Institutions licensed under the Microfinance Act, No. 19 of 2006;
Sacco societies licensed under the Sacco Societies Act, 2008;
The Kenya Post Office Saving Bank supervised under the Kenya Post Office Savings Bank Act Chapter 493B;
Credit arrangements between customers and business owners whose primary focus is the provision of goods and services; and
Entities whose digital credit businesses are regulated under other written laws.
The Presta Sign App is only used by Sacco members within their respective Saccos. Sacco societies licensed under the Sacco Societies Act, 2008 are exempted from the requirement of a DCP license.
See official link from the Sacco Societies Regulatory Authority (SASRA)for registered and licensed Saccos in Kenya https://www.sasra.go.ke/regulated-saccos/. Our two Sacco partners who will be using the Presta Sign App, Wanaanga Sacco and Imarisha Sacco are listed.
Technical Details:
Presta Sign App works on devices with API level 21 or Android 5.0 to API level 33 or Android 13. The app is secured with OAuth2.0 and 2 FA.
Start the app and click on Get Started > Select Organisation > Select Country Kenya > Add Phone Number > Add OTP > Add Pin and click login.
The data collected from the user includes full names, phone number, email and ID number. Depending on the organisation selected users might be requested for additional data which includes Kenya revenue authority number, employment details and business registration information. This data is collected for the purpose of pre-filling loan product forms.
The app also requests users for contacts data to provide a list of possible guarantors available to respective organisations.
Presta Sign App is a comprehensive and secure mobile application that allows members of a Savings and Credit Cooperative (Sacco) to streamline the loan application process. With this app, members can create loan requests, find guarantors, and sign digital loan application forms, making the process quicker and more convenient.
The repayment period for loans through our partner Saccos using the Presta Sign App ranges from a minimum of 2 months to a maximum of 96 months, giving their members the flexibility to choose a repayment period that works best for them. The maximum Annual Percentage Rate (APR) for loans through Presta Sign App generally includes an interest rate between 2% and 14% plus fees and other costs for a year, or a similar rate calculated consistently with Kenyan law. This rate is designed to be competitive and affordable for members.
As a representative example, if a member of a Sacco takes out a loan of KES 50,000 with a repayment period of 12 months, they may expect to pay a total cost of KES 55,000, including the principal and all applicable fees. This amount may vary based on the specific terms of the loan and the APR.
Presta Sign App takes the privacy and security of its users very seriously. Our privacy policy comprehensively discloses the access, collection, use, and sharing of personal and sensitive user data, ensuring that members can use the app with confidence. We use industry-standard security measures to protect sensitive information and keep our users' data safe.
With the Presta Sign App, members of a Sacco can easily apply for loans and manage the loan application process from their mobile devices. Try Presta Sign App today and experience the convenience and security of digital loan applications.
Legal Position:
The Central Bank of Kenya (Digital Credit Providers) Regulations, 2022, (hereinafter the “Regulations”) were gazetted on March 18, 2022. The Regulations, which are now operational, provide for the licensing and oversight of previously Digital Credit Providers (DCPs) by CBK. However, under Section 2 of the Regulations, the following are exempted from the provisions of the regulations and therefore have no need for applying for a DCP license form the CBK:
Institutions licensed under the Banking Act Chapter 488;
Institutions licensed under the Microfinance Act, No. 19 of 2006;
Sacco societies licensed under the Sacco Societies Act, 2008;
The Kenya Post Office Saving Bank supervised under the Kenya Post Office Savings Bank Act Chapter 493B;
Credit arrangements between customers and business owners whose primary focus is the provision of goods and services; and
Entities whose digital credit businesses are regulated under other written laws.
The Presta Sign App is only used by Sacco members within their respective Saccos. Sacco societies licensed under the Sacco Societies Act, 2008 are exempted from the requirement of a DCP license.
See official link from the Sacco Societies Regulatory Authority (SASRA)for registered and licensed Saccos in Kenya https://www.sasra.go.ke/regulated-saccos/. Our two Sacco partners who will be using the Presta Sign App, Wanaanga Sacco and Imarisha Sacco are listed.
Technical Details:
Presta Sign App works on devices with API level 21 or Android 5.0 to API level 33 or Android 13. The app is secured with OAuth2.0 and 2 FA.
Start the app and click on Get Started > Select Organisation > Select Country Kenya > Add Phone Number > Add OTP > Add Pin and click login.
The data collected from the user includes full names, phone number, email and ID number. Depending on the organisation selected users might be requested for additional data which includes Kenya revenue authority number, employment details and business registration information. This data is collected for the purpose of pre-filling loan product forms.
The app also requests users for contacts data to provide a list of possible guarantors available to respective organisations.
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