StanChart has joined the league of digital lenders after launching a mobile loans Application.
The bank has received the Central Bank of Kenya nod to operate as a digital micro-lender and plans to roll out a new mobile loan app. The app will bolster the bank’s digital capabilities following the unveiling of the SC Mobile app in 2019 with enhanced features for retail customers – including the ability to open an account and transact without visiting a branch.
Unlike platforms such as NCBA-backed M-Shwari or KCB M-Pesa, Standard Chartered is pursuing a notably different strategy with its mobile credit facility – with less focus on mass-market penetration.
he bank plans on introducing a range of digital banking services within the app to complement the low-value mobile credit offering, as was revealed by Chief Executive Kariuki Ngari. It is expected to drive further growth, coming on the back of a strong performance in Q1 2021.
“It is not just about the traditional digital lending, but why can’t we be able to do everything digitally like apply for credit card and get a response or apply for a personal loan,” said Ngari.
During StanChart Kenya’s Annual General Meeting (AGM) on May 27, Ngari highlighted that the bank’s wealth management business had grown by 90%, proving to be an important revenue stream as the Covid-19 pandemic disrupted business and economies.
“Our Wealth Management business grew 90% and we have a wide array of solutions tailored for different clients.”
“All our value propositions including Wealth Management, Straight 2 Bank, have grown in terms of client uptake while in the middle of the pandemic. This is testament to the quality value the Bank brings within this market,” he stated.
This article first appeared in the Business Daily.
