Standard Chartered Bank Kenya has finally launched its mobile lending service, the SC Juza app, after overcoming initial hurdles.
During the trial phase, SC Juza encountered issues such as data privacy concerns, which caused a delay in its full rollout.
However, the bank has addressed these concerns and secured approval from the Central Bank of Kenya (CBK) to proceed.
SC Juza Aims to Compete in Kenya’s Mobile Lending Market
With SC Juza, Standard Chartered directly enters the competitive Kenyan mobile lending market, currently dominated by established players like Absa Kenya’s Timiza, KCB M-PESA, and NCBA’s M-Shwari.
This move highlights the bank’s focus on expanding its mass retail banking services and leveraging technology to enhance its digital lending capabilities and profitability.
Key Features of SC Juza
- Available Now: The SC Juza mobile loan app is downloadable from the Google Play Store.
- Loan Amounts: Borrowers can access loans ranging from KES 1,000 to KES 100,000 conveniently through their smartphones.
- Flexible Repayment: Loans can be repaid within 60 days, and borrowers only pay interest for the days they utilize the loan.
Standard Chartered Kenya emphasises its commitment to financial inclusion.
Edith Chumba, Head of Wealth & Retail Banking, Kenya and East Africa: “SC Juza marks the Bank’s foray into the short-term mobile loan space. It earmarks our commitment to lift participation of Kenyans in their communities.”
Standard Chartered Kenya’s Chief Executive Officer, Kariuki Ngari, projects that 2024 is a significant year for African banking, anticipating that over half of the African population will have access to a bank account for the first time.
Ngari emphasized Africa’s leading role in digital financial services, with nearly half of the world’s 700 million individual users residing on the continent.
Ngari described SC Juza as the “final piece” in the bank’s digital evolution, aiming to create a comprehensive digital ecosystem that empowers customers to perform various banking activities, from account opening to investing.
“It brings together the strength of our digital ecosystem to the world of lending and unlocks the potential for an untethered banking experience. ”
