StanChart Mobile Loans: The Standard Chartered Bank is set to start giving mobile loans after receiving approval from the Central Bank of Kenya.
The bank is now expected to launch the mobile lending service within he next few weeks in a move that is expected to grow its customer base.
According to a report that appeared in a local daily, the move to mobile lending will see the bank start to embrace common customers. Traditionally, the bank has been targeting big corporates and high earners.
“The bank’s customer base is small among the big banks, reflecting the limited number of big corporations and high-net-worth clients. It had 240,000 deposits accounts and 50,000 loan accounts in the year ended December,” the report said. “Mobile lending will help grow and diversify its existing business. Affluent individuals comprise the most lucrative client group for the bank, bringing in Sh. 12 billion in operating income in the year ended December.”
The StanChart mobile loans will see the bank will join other top tier banks which have been raking in billions from mobile lending. These include the Equity Bank, KCB, NCBA, Absa Bank, and the Cooperative Bank.
Mobile loans in Kenya has become the main source of credit due to their easy access and the ability to borrow without going through approvals.