sc juza

Standard Chartered Bank has introduced SC Juza, a new mobile app offering short-term, unsecured loans to its clients in Kenya. This launch caters to the growing demand for quick and convenient access to credit.

SC Juza is supposed to be a fully digital product, allowing users to borrow between Ksh 1,000 and Ksh 100,000 with a two-month repayment period. Customers only pay interest for the days they hold the loan, encouraging early repayment to save on costs.

“SC Juza reflects our commitment to continuous digital innovation,” said Kariuki Ngari, Standard Chartered’s MD & CEO for Kenya and Africa. “We aim to be highly inclusive by providing a comprehensive solution that caters to the underserved.” This initiative aligns with the bank’s ambition to promote broader participation in Kenya’s financial ecosystem.

According to Standard Chartered, a pilot program conducted over the past month saw over 13,346 clients attempt registration on the app. With an 88% loan approval rate, the average loan amount secured is Ksh 10,000. However, the launch has not been as successful with dozens unable to use the app.

Just a few days after the launch, the app has a 2-star rating after 171 reviews at the time of publishing. According to what we can gather on social media, there are multiple issues with the app, from not sending OTPs to all sorts of errors.

How to Access SC Juza

  • Download the “SC Juza App”
  • Meet eligibility criteria, including a history of loan repayments and a minimum six-month M-PESA subscription.
  • Upon approval, receive loan funds disbursed directly to your mobile wallet.
  • A one-time processing fee of 5.5% applies to approved applications (e.g., Ksh 55 for a Ksh 1,000 loan).
  • The monthly interest rate is 1.6%, translating to Ksh 10.80 in interest on a Ksh 1,000 loan.
  • Extended 60-day (two-month) loan term provides flexibility for repayment.
  • Processing fee is waived for the first 30 days, incentivizing early repayment.
  • Daily interest accrual ensures a clear and cumulative cost of borrowing.
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Standard Chartered prioritizes user safety. SC Juza incorporates built-in technology to safeguard against fraud, including:

  • SIM swap detection
  • Identity verification through the Integrated Population Registration Services (IPRS)
  • M-PESA number validation for legitimacy and registration duration
  • Credit Reference Bureau checks for enhanced security

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Nigel Jr.
As a tech enthusiast and expert, Nigel Jr. is dedicated to providing in-depth and insightful content on all things technology. With a background in online journalism, product reviewing, and tech creation, Nigel has become a trusted source for all things tech.

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