SC Shilingi

In collaboration with Sanlam Investments East Africa and Mangosteen BCC Pte Ltd, the Standard Chartered Bank has launched the SC Shilingi Fund. This low-cost investment fund will offer to its customers.

The fully digital investment service is available through SC Mobile. SC Mobile app allows clients to invest up to KShs 1000, earn attractive returns and withdraw money at any time.

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The bank claims that by it is mindful of the needs of its customers, the process of investing has been made easy as well as intuitive, and seamless:

As low as 1 000 Kenyan Shillings, clients will access an investment opportunity.

The product is entirely digital and accessible 24/7 via the SC Mobile app.

It is very flexible. You can invest at any time, either weekly or monthly.

Attractive daily interest rates and monthly compounding

Customers can make unlimited withdrawals without charge at any time

Standard Chartered says the product allows you to transfer money from your current bank account daily or weekly to Money Market Fund. Money Market Fund managed by Sanlam.

The platform will connect an account currently owned by the customer and investment into the local currency Money Market Fund investment to offer clients impressive returns, much more significant than they typically receive from a current account and savings account. All while maintaining a decent amount of liquidity.

At the time of the launch, Edith Chumba, Head Consumer, Private and Business Banking at Standard Chartered, said, “Our purpose is to provide our customers with a variety of solutions for managing their wealth that is custom-designed to meet their requirements throughout their lives. SC Shilingi Funds SC Shilingi Funds will enable all of our current and future clients to meet their financial goals by beginning their investing journey, diversifying their portfolios, and saving for future requirements while getting high returns”.

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She said, “At Standard Chartered Bank, we’re committed to promoting financial inclusion to enable communities and individuals to meet basic requirements. Starting with just KShs 1,000, Kenyans can now start making an investment portfolio or saving for necessities like housing, health, education, or travel for leisure or leisure. The product also functions like an emergency account that can withdraw money quickly, allowing our clients to prepare for the impending crisis, and respond and recover from the effects of global economic and health emergencies, such as COVID-19.”

SC Shilingi
SC Shilingi

Mr Mark Mulatya attended the event of project event; Chief Operating Officer of Sanlam Investments East Africa Limited stated it was because Sanlam Investments believes in improving the lives of individuals by helping individuals to become financially stable by generating wealth. “We accomplish this by meeting the demands of our customers in a range of financial services quickly. This partnership demonstrates our mutual determination to encourage a savings and investing culture by offering solutions like our Sanlam Money Market Fund, which gives capital protection and high investment returns, and instant access to cash when asked for.”

“Over the last couple of years, we’ve witnessed an exponential increase in the demand and the use of the Sanlam Money Market Fund. Through the use of Standard Chartered’s strong digital platforms like SC Mobile, their SC Mobile app, we hope to connect with millions of Kenyan residents who are interested in building and saving the wealth of their families,” He added. Its Sanlam Unit Trust is currently valued at around. KShs 9.9 billion.

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The product was discussed in detail by Ned Phillips, Co-Founder and CEO of Bambu stated: “We’ve always believed that investing should be accessible to everyone. We’re confident that SC Shilingi Funds is the ideal way to begin investing. As a technology partner with Standard Chartered, we focused on creating an easy and seamless integration of their platform to their bank clients, allowing customers to begin and sustain their saving habits through regularly scheduled savings programs.”


Source: Google News

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By Vil Joe

A writer and editor based out of San Francisco, Vil has worked for The Wirecutter, PCWorld, MaximumPC and TechHive. Her work has also appeared on InfoWorld, MacWorld, Details, Apartment Therapy and Broke-Ass Stuart. In her spare time, she takes too many pictures of her cats, watches too much CSI and obsesses over her bullet journal.

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