Standard Chartered Unveils SC Juza Mobile Loan App Targeting Short-Term Lending Market in Kenya

Standard Chartered has launched the SC Juza Mobile Loan App, aiming to make short-term lending more accessible and affordable in Kenya. This new platform targets both salaried and non-salaried individuals, reflecting the bank's commitment to enhancing financial inclusion across different economic segments.

CEO Kariuki Ngari highlighted the app's potential to transform the short-term lending landscape through its adaptable lending criteria. "Our goal with the SC Juza Mobile Loan App is to provide a reliable and flexible financial tool that meets the needs of Kenyans from all walks of life. Whether you are salaried or self-employed, our app is designed to help you access the funds you need quickly and easily," Ngari stated.

The app offers loans ranging from Ksh 1,000 to Ksh 100,000, with a repayment period of up to 60 days. This feature aims to give borrowers sufficient time to manage their finances and repay their loans without undue stress.

Standard Chartered's initiative comes in response to the growing demand for online lending solutions in Kenya, where online lending now accounts for 54 percent of the country’s total borrowing, according to the Mobile Money for Financial Inclusion Report 2022. By leveraging technology, Standard Chartered aims to enhance its financial inclusion efforts and better serve the diverse needs of the Kenyan market.