Standard Chartered Bank has launched the SC Juza Mobile Loan App which allows clients to borrow from as low as Sh1, 000 to Sh100, 000 at the tap of a finger.
The new app signifies the bank’s entry into the mobile loans space expanding its digital service to include convenient and flexible loan options for both existing clients and non-clients.
Speaking during the launch in Nairobi, Standard Chartered Kenya and Africa Chief Executive Officer (CEO) Kariuki Ngari said that SC Juza represents the final piece of their digital evolution adding that they are aided by four strategic pillars of the network.
“For us, technology is at the heart of our Standard Chartered family,” he said, noting that in the corporate space, there are a lot of things that can be done digitally.
Ngari added that macros are improving across the continent as they have seen the changes happening in Nigeria where the Central Bank has been very consistent in terms of advancing some of the many challenging policies that were there for a very long time.
“They are working very hard to contain inflation,” he added.
“We believe that improving macros across the continent and the opening of the global market, can only be good for Africa,” affirmed the CEO.
He disclosed that in Sub-Saharan Africa, the largest economy is Nigeria.
The CEO further added that within the continent, different markets give different opportunities therefore they want to ensure they are ready in any of those markets so as to serve their clients.
“We started this journey long ago and this is where the consumers are, at the end of the day what we do is respond to the market demand,” Ngari questioned adding that clients are always encouraged to pay their loans once they borrow.
He noted that they are responsible lenders since they not only look at the data and history, but they also look at the number of loans they have in the market.
“We have also put a limit on the number of loans a person has got to have in the market,” said Ngari.
Speaking about Non-Performing Loans (NPL’s), he said the industry peak during the previous year was very high but in the first quarter of the current year, they have started to see that coming down.
“I believe that all the lenders, ourselves included, will work with our clients to ensure that they are able to come back to start paying loans. It has been a challenging couple of years but we are starting to see light at the end of the tunnel,” the CEO stated.
Standard Chartered Bank Head of Wealth and Retail Banking Kenya and East Africa, Edith Chumba further elaborated on the features of SC Juza by saying that clients can repay their loans in 60 days and only pay interest for the number of days the loan is active.
“This innovative feature ensures that our clients only pay for what they use, making SC Juza a convenient and affordable loan option,” she explained.
By Gathigia Ng’aari and Risper Shirin
