NAIROBI, Kenya- Standard Chartered Kenya has rolled out its latest innovation, the SC Juza app, aiming to transform short-term borrowing for its clients.
This digital product allows users to borrow amounts ranging from Ksh 1,000 to Ksh 100,000 with a repayment period of 60 days.
With interest charged only for the days the loan is held, clients can benefit from early repayments and save on interest costs.
Revolutionizing Digital Lending
SC Juza represents the next phase in Standard Chartered’s digitization journey, providing a comprehensive and inclusive mobile lending solution.
Kariuki Ngari, MD & CEO for Kenya and Africa at Standard Chartered, stated, “SC Juza is the final piece in our digital evolution. It symbolizes creating a holistic digital ecosystem.
Key Features and User Experience
Clients can access loans by downloading the ‘SC Juza App,’ which requires minimal prerequisites such as a six-month M-PESA subscriber history and a proven track record of loan repayments. Once these criteria are met, loan requests are swiftly processed and disbursed into clients’ mobile wallets.
Transparent and Flexible Repayment Terms
The SC Juza app offers transparent service charges, with a processing fee of 5.5 pc per approved loan application.
A unique feature is that the service fee is applied only after the first 30 days, providing flexibility for early repayments. Daily interest accrual ensures that the cost of borrowing is clear and incremental, enabling clients to manage their finances better.
Competitive Landscape and Market Impact
SC Juza enters a competitive market with other major players like KCB, ABSA, Equity, and digital credit providers such as Safaricom’s ‘Fuliza’ and ‘M-Shwari.’
Despite a recent decline in mobile loans due to economic challenges, Standard Chartered is confident in the potential of SC Juza to attract users looking for alternative lending options.
