SC Juza

Standard Chartered launches SC Juza a mobile loan app

Standard Chartered has launched SC Juza, a short-term lending mobile app in the Kenyan market. The app aspires to meet the growing demand for short-term unsecured loans that are easily disbursed through mobile wallets.

The product allows clients to borrow any amount between KES 1,000 to 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.

The processing fee for each approved application is set at 5.5%, which means, for instance, a loan of KES 1,000 will incur a processing fee of KES 55. Additionally, the interest rate on loans is 1.6% per month, translating to a monthly interest of KES 16 on a KES 1,000 loan.

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.

Users will need to download the ‘SC Juza App’ that will allows them to access credit upon meeting minimal requirements such as a proven track of loan repayments and a six-month M-PESA subscriber history. Loan requests will then be processed and disbursed speedily into clients’ mobile wallets.

Notably, the service fee is applied only after the first 30 days, adding a layer of flexibility for early repayments. Moreover, interest is accrued daily, meaning that each day adds a small, calculated interest amount to the individual’s outstanding balance, ensuring that the cost of borrowing is clear and accumulative.

Furthermore, the bank has implemented several measures within its app to safeguard consumers from fraud, leveraging built-in technology. It also has a fully digitized chat support platform.

These measures include technology specifically designed to detect sim swaps, verifying identities through the Integrated Population Registration Services (IPRS), and confirming with Safaricom that a number is legitimate and has been registered for a period exceeding six months. Additionally, the app incorporates checks with Credit Reference Bureaus to enhance security further.

“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.

Here is how you can get a loan on the SC Juza app