Standard Chartered Bank Kenya has officially launched SC Juza, a mobile application designed to provide Kenyans with an accessible and transparent solution for short-term financial needs.

This digital lending platform caters to the growing demand for unsecured loans, offering instant access to funds ranging from Sh1,000 to Sh100,000 with a 60-day repayment period.

Kariuki Ngari, Managing Director and Chief Executive Officer for Kenya and Africa at Standard Chartered, highlighted the app's impact.

"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," Kariuki stated.

"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."

Built with a focus on transparency and responsible borrowing, SC Juza boasts several features that benefit its users.

Interest is only charged on the utilized days, allowing for cost-effective early repayments.

Additionally, the app displays the entire loan cost upfront, including a 5.5 per cent processing fee and a 1.6 per cent monthly interest rate.

This ensures borrowers have a clear understanding of the associated charges before committing to a loan.

Prior to the official launch, the lender said SC Juza underwent a pilot phase with a limited user base.

The trial yielded positive results, with over 13,346 clients attempting registration and an 88 per cent loan approval rate.

The average loan amount secured during the testing period was Sh10,000.

Accessibility is a key aspect of SC Juza.

Minimal requirements for loan applications include a positive loan repayment history and a six-month M-PESA mobile money subscription.

Upon approval, funds are disbursed swiftly and directly into the borrower's mobile wallet.

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, 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.

Standard Chartered Kenya's commitment to digital innovation is evident with the launch of SC Juza.

This initiative follows the successful introduction of SC Shilingi, Kenya's first fully digital platform offering money market funds.

With 74 per cent of its client base actively using digital channels, the bank continues to prioritize solutions that cater to the evolving needs of Kenyans in the digital age.