SC Juza App- Standard Chartered Kenya Bank Completed its Digital Loop

SC Juza app

Standard Chartered Kenya Bank yesterday launched a groundbreaking mobile loan app called SC Juza. The move is set to redefine the banking experience of the customers and marks a significant milestone in the bank’s journey towards complete digitalization.

The SC Juza app is a testament to Standard Chartered Kenya Bank’s commitment to providing affordable financial solutions to a wide range of customers, both salaried and non-salaried. The app offers loans ranging from KES 1,000 to KES 100,000, with a unique feature of a two-month repayment period. This means borrowers only pay interest for the total number of days the loan was active, making it a flexible and cost-effective solution for short-term financial needs.

The app has been designed with the user in mind. It’s easy to download and use, and it provides full transparency when it comes to loan service charges. For instance, a loan of KES 1,000 will incur a processing fee of 5.5% which translates to  KES 55, and the interest rate is 1.6% per month. This ensures that borrowers have a clear understanding of the associated charges before committing to a loan.

For the Standard Chartered Kenya Bank, SC Juza is more than just a mobile loan app. It’s a symbol of Standard Chartered Kenya Bank’s digital evolution. It’s a part of the bank’s strategy to create a holistic digital ecosystem, enabling clients to do everything from opening an account to investing in sophisticated money market products. It’s about providing an untethered banking experience that meets the needs of the modern customer.

The launch of SC Juza is a significant step in the bank’s digital transformation journey. It’s a move anchored on providing affordable financial solutions for both salaried and non-salaried individuals, in a bid to bridge the gap of financial inclusion. It’s about using technology to better its financial inclusion modules and to reach a broader customer base, including consumers, MSMEs, and SMEs.

Standard Chartered Kenya Bank has invested heavily in digital and innovation to support its clients’ emerging needs. The bank has launched a series of digital initiatives, including SC Shilingi, the first “100% digital only” platform offering money market funds in Kenya. Currently, 74% of the bank’s client base is digitally active, with 87% of its sales and 85% of its service requests being made through digital channels.

In the words of Kariuki Ngari, MD & Chief Executive Officer, Kenya and Africa for Standard Chartered, “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.”

The SC Juza app is now available for download on the Google Play Store. With its competitive interest rates, flexible borrowing limits, and seamless onboarding process. I can’t predict the future  but  SC Juza has the potential to disrupt mobile lending in Kenya. We will be following its performance in the coming months and years keenly. 

Here are a few points to keep in mind about the SC Juza app:  

  1. User-Friendly Interface: The app is designed with the user in mind, ensuring that you can apply for a loan, check your loan status, and repay your loan without breaking a sweat. Plus, the complete loan cost is displayed within the app, leaving no room for unpleasant surprises. It’s like having a financial advisor in your pocket, minus the pocket squares and fancy jargon.
  2. Fully Digitized Chat Support: SC Juza’s chat support is not just a feature, it’s a full-blown digital experience. Whether you have a query about the loan process, need assistance with repayment, or simply want to understand the app better, SC Juza’s chat support is there to guide you. It’s like having a personal assistant, minus the British accent and the tendency to call you “sir” or “ma’am.”
  3. Robust Security Measures: The app uses SIM swap detection to ensure that your account is not compromised. It also verifies your identity through IPRS and confirms your phone number legitimacy and registration history with Safaricom. And if that’s not enough, it also checks with the Credit Reference Bureau. 

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