Standard Chartered on Tuesday launched a short-term lending mobile app for its clients in Kenya.
Named SC Juza, the app aims to meet the growing demand for short-term unsecured loans that are easily disbursed through mobile wallets.
Standard Chartered now joins other Kenyan banks including KCB, ABSA, Equity Bank and NCBA looking to reap big from the Kenyan digital lending market.
The 100% digital product allows clients to borrow any amount between $8 (KES 1,000) and $768 (KES 100,000) with a two-month repayment period. Interest will only be charged on the days the loan is held, enabling clients to benefit from early repayments.
Kariuki Ngari, the bank’s MD and CEO for Kenya and Africa, says the SC Juza app represents the continued evolution of their digitisation strategy.
Over the last month, SC Juza has been offered to a small segment of customers to enable testing and feedback. The bank says initial use indicates that over 13 300 clients have attempted to register on the app, with 88% being able to secure loans, with the average loan ticket size being $78 (KES 10 000).
Ngari adds the bank has implemented several measures within the lending app to safeguard consumers from fraud.
According to the latest data from the Competition Authority of Kenya, Safaricom and NCBA Bank-owned Fuliza and M-Shwari, command 59% of the digital credit market share in the digital lending segment in Kenya; KCB's Mpesa is third with 15%, followed by Tala with 13% and Branch with 9%
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