A few days back, Standard Chartered launched a new lending app called SC Juza. With many apps being launched everyday, I thought I should highlight some of the key aspects of this particular app to help you decide if it is worth your time or not.
“SC Juza represents the continued evolution of our digitisation strategy. We hope to expand on the gains we have seen in our market with mobile lending products by offering a comprehensive solution that is highly inclusive. In addition, SC Juza will allow our clients to borrow with dignity, in line with our ambition to uplift participation in the financial ecosystem for the underserved,” said Kariuki Ngari, MD & Chief Executive Officer, Kenya and Africa for Standard Chartered.
Borrow between Ksh 1,000 and 100,000
With the SC Juza app, you can borrow as low as Ksh 1,000 and as much as Ksh 100,000. You will first have to qualify before borrowing starting from a lower amount. The limit will be raised as you keep using the app. From the trials it has conducted, Standard Chartered says the average loan ticket size being secured is Ksh 10,000.
6 Months Active M-Pesa SIM
Before you can borrow, you will need to have used your M-Pesa number for about 6 months. The company says they confirm with Safaricom that a number is legitimate and has been registered for a period exceeding six months.
Furthermore, the bank has implemented several measures within its app to safeguard consumers from fraud, leveraging built-in technology. These measures include technology specifically designed to detect sim swaps and verifying identities through the Integrated Population Registration Services (IPRS). Additionally, the app incorporates checks with Credit Reference Bureaus to enhance security further.
5.5% Processing Fee
SC Juza implements a fee for each approved application. Additionally, the interest rate on loans is 1.6% per month, translating to a monthly interest of KES 10.80 on a KES 1,000 loan.
60 Day Repayment Period
The loan tenure is 60 days (approximately two months), providing an extended period for consumers to fulfil their financial obligations without the stress of immediate repayment.
Also Read: Standard Chartered Kenya launches first Sustainable Account in Africa
