Standard Chartered Bank Kenya has launched SC Juza, a mobile lending application designed to offer short-term financial solutions. This innovative app marks the “final piece” in the bank’s digital transformation strategy, as stated by Kariuki Ngari, the CEO of StanChart Kenya.
SC JUZA allows Kenyan citizens residing in Kenya to access loans of up to Ksh.100, 000 in a fast and convenient manner at any time and from anywhere in Kenya.
How to Be Eligible For Sc Juza
In order to be eligible for sc juza, you’ll need to provide some basic information. This includes your personal details and a Safaricom mobile number. Currently, the app only caters to Safaricom subscribers registered for Mpesa, Kenya’s mobile money service.
As part of the registration process, you’ll also be asked to confirm your country of residence and employment status. Finally, to ensure account security, you’ll respond to 3 security questions of your choice.
SC Juza loan features
The loan features of sc juza are:
- Interest Rate: The interest rate of sc juza is 1.60% per month. You only pay interest for the days you have the loan, so you can save money by repaying early.
- Processing Fee: The processing fee of sc juza is 5.50% of the loan amount. This fee is charged upfront when your loan is approved.
- Maximum Loan Period: The maximum loan period on sc juza is 61 days. You have up to 2 months to repay your loan in full.
- Additional Service Fee: The service fee of sc juza is 5.5%, and is applied in the second month for loans not repaid within the first 30 days. There’s an incentive to repay on time to avoid this extra charge.
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How to get started with SC Juza
To get started with sc juza:
- Download the SC Juza app from Google Play store.
- Register for the app (fast and easy process).
- Create your own PIN for secure login.
- Apply for a loan for the amount you need.
- Repay your loan on time to build a positive credit history.
SC Juza Security Features
The security features of sc juza include:
- SIM Swap Detection: SC Juza can identify attempts by fraudsters to hijack your phone number, a tactic often used to gain unauthorized access to accounts.
- Government Verification: They verify your identity through the Integrated Population Registration Services (IPRS), a secure government database, to ensure you’re the rightful owner of the account.
- Safaricom Number Validation: SC Juza collaborates with Safaricom to confirm your phone number is legitimate and has been active for at least six months, adding an extra layer of security.
- Credit Bureau Checks: The app also utilizes Credit Reference Bureaus for additional security checks, providing a comprehensive shield against fraud.
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Benefits of SC Juza
The benefits of sc juza include:
- Tracking your spending easily: With sc juza mini statements, you can view your transactions at any time with a simple click. This allows you to stay on top of your spending and make informed financial decisions.
- Accessing the funds you need: Borrow anywhere from KES 1,000 to KES 100,000 every week. This flexibility ensures you have access to the right amount of money to cover unexpected expenses or pursue your goals.
- Transparent costs: SC Juza eliminates hidden fees. You’ll see the total loan amount and the associated cost upfront, empowering you to make informed borrowing decisions.
- Flexible repayment options: Enjoy a sc juza repayment term of up to 61 days. Plus, you only pay interest for the days you hold the loan. You can choose to pay the entire amount at once or make smaller payments throughout the term, giving you control over your finances.
- Competitive interest rates: SC Juza offers competitive interest rates, further reducing the overall cost of borrowing.
- Simple application process: Applying for a loan with SC Juza is quick and easy. The user-friendly app streamlines the process, letting you access funds quickly.