The Standard Chartered Bank (StanChart) has entered the mobile lending market with a new mobile lending app. StanChart has launched the SC Juza mobile lending app.
According to the bank’s managing director and chief executive officer Kariuki Ngare, the SC Juza will enable Kenyans to conveniently borrow and responsibly at the tap of a finger. “SC Juza speaks to our stand on lifting the participation of Kenyans,” said Ngare.
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Borrowers will be allowed to take loans of between Sh. 1,000 and Sh. 100,000. These loans will be repayable within 60 days. Interestingly, when repaying the loan, borrowers will only pay interest for the total number of days the loan was active.
“With SC Juza, Kenyans can now borrow from Sh. 1,000 to Sh. 100,000 at the tap of a finger. Clients can repay their loans in 60 days and only pay interest for the number of days the loan is active,” said Edith Chumba, Head of Wealth and Retail Banking, Kenya and East Africa.
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Loans taken on the app will attract an interest fee charge of 1.6 per cent per month. The processing fee will be 5.5 per cent. There will be an additional service fee of 5.5 per cent is payable in the second month for loans that have not been repaid within the first 30 days. Currently the app only supports Safaricom subscribers registered for the M-PESA service and is only available to Kenyan citizens and who are resident in Kenya.
The launching of the mobile loan app has been a long time coming. It was first announced in mid-2021 after StanChart received an approval from the Central Bank of Kenya. The lender the pushed the date to April 2023. However, the launch did not happen due to what was termed as a few data and safety kinks that needed to be worked on.
“We started this journey a long time ago and we don’t think that we are late. Now we are ready. Last year when we said that we would launch within a month, we found issues during testing for cybersecurity and we needed to address these issues first,” said Ngare.