StanChart Bank Kenya(SCBK) has joined other lenders in offering a Mobile Loan App that allows customers to access personal loans.
The UK-based lender’s entry has increased competition in the mobile lending space, coming soon after the Central Bank of Kenya(CBK) cracked the whip on unlicensed digital lenders.
StanChart joins an increasingly crowded field in the mobile lending space that now includes its closest rival, Absa Kenya, State-owned Kenya Commercial Bank, Equity Group Plc, Co-operative and NCBA.
According to Kariuki Ngari, StanChart CEO, customers will be able to apply for personal loans remotely.
The lender also plans to offer low-value mobile credit through the planned rollout of a mobile loan app, more than two years after enabling clients to open and transact on accounts without visiting the bank through a mobile digital mobile bank app- SC Mobile.
SCBK plans to use the mobile loan app to decongest its banking halls, filling with borrowers seeking loans.
The lender said it had done the groundwork around mobile lending app, driven by customer feedback who want to obtain credit from their mobile phones and other digital platforms.
Apart from digital lending, the lender wants to go digital on such services as applying for credit, personal loans and also get responses on their requests without visiting the branch.
StanChart has already received a nod from the Central Bank of Kenya (CBK) to venture into the digital micro-lending space.