Standard Chartered has introduced SC Juza, a smartphone application that gives customers access to short-term financing services.
The app intends to fulfil the ever-increasing need for unsecured loans with short repayment terms that may be rapidly dispensed through mobile wallets.
Need a loan? How does the SC Juza App work?
The digital product lets customers borrow from KES 7.65 (1,000) to KES 764.88 (100,000), with two months to pay it back. Interest will only be charged on this product for the days the loan is kept, meaning customers can save money by paying it off early.
Read also: Fincra to launch EUR virtual account at GITEX Africa
“SC Juza shows how our digitalisation strategy is continuing to grow.” We want to build on the progress we’ve made in our market with mobile loan goods by providing a complete and open solution.
Kariuki Ngari, MD & CEO of Standard Chartered in Kenya and Africa, said, “SC Juza will also allow our clients to borrow with dignity. This aligns with our goal to improve access to the financial ecosystem for the underserved.”
Recently, SC Juza has been made available to a small group of customers so that it can be tested and comments can be gathered. There have been over 13,346 attempts to register on the app, and 88% have successfully gotten loans.
How to Apply for a Loan Using the SC Juza App
Users will be required to download the “SC Juza App,” which will grant them access to credit when they have satisfied the minimum conditions, including a demonstrated history of loan repayments and an M-PESA subscriber history spanning six months. The loan requests will then be processed, and the funds will be sent to the customers’ mobile wallets as quickly as possible.
Read also: M-PESA Africa partners with Remitly, others to launch first class money transfer
The App will provide loan service charges to help consumers receive a transparent and comprehensive service. Processing fees for accepted applications are 5.5%, and loan interest is 1.6% monthly.
The loan term is 60 days (roughly two months) to help borrowers meet their financial responsibilities without worry.
Notably, the service charge is not imposed until after the initial thirty days have passed, providing additional flexibility for early repayments. Furthermore, interest is accumulated daily, meaning a small amount of interest is added to the individual’s outstanding balance daily. This ensures that the cost of borrowing money is both transparent and accumulative.
