Standard Chartered Kenya has rolled out a new mobile loan app called SC Juza, where Kenyans can borrow short-term loans repayable within 60 days. The lender's CEO called it "the final piece" in its digital evolution.
"SC Juza represents the final piece in our digital evolution. It symbolises creating a holistic digital ecosystem, enabling our clients to do everything from open an account to invest in sophisticated money market products," said StanChart Kenya CEO, Kariuki Ngari.
The latest app allows borrowers to access loans between Kshs 1,000 and Kshs 100,000 at 1.60% interest per month. The interest charged on the loans will be determined by the number of days an individual holds the loan.
The rise of mobile money in Kenya has made short-term loans accessible to individuals and small businesses, with other banks such as KCB, ABSA, and Equity already in the space.
While SC Juza is a significant step for Standard Chartered, it is not the first traditional bank to offer a mobile app solely for short-term lending. As such, SC Juza will have to compete in a space that includes 51 Digital Credit Providers licensed by the Central Bank of Kenya (CBK).
