Stanchart unveils app-enabled money market fund, users to save as low as Sh1,000

NAIROBI, Kenya, Feb 15 -Standard Chartered Bank Kenya has launched a money market fund that allows users to save from as low as Sh1,000, earn competitive returns and withdraw anytime.

The SC shillingi fund which was developed by Mangosteen BCC Pte Ltd (Bambu)  will be managed by Sanlam Investments East Africa and is ultimately aimed at driving financial inclusion by providing fiscal access to savings and investments

The product is available on the SC Mobile app and allows one to invest flexibly, either one-time anytime, weekly,  and/or monthly.

Users can earn daily interest or opt for compound interest and can have unlimited free withdrawals at any time.

Speaking during the launch, Edith Chumba, Head Consumer, Private and Business Banking at Standard Chartered said the firm’s value proposition is to offer its clients diverse wealth management solutions, tailor-made to meet their needs at every point of their life journeys.

“The SC Shilingi Funds will enable all our existing and new clients to achieve their financial goals by starting their investment journey, diversifying their portfolios, and saving towards future needs while earning attractive returns”.

Paul Njoki, the head of wealth management, Kenya and East Africa says that the development of the solution was informed by its previous survey which indicated a gap in saving culture despite a shift in people’s life’s goals towards education, health, and wellness.

The survey conducted among 1,598 respondents between June 30 and July 26 2021, said that COVID-19  had prompted Kenyans to shift their goals with 73pc affluent Kenyans now focused on health as compared to wealth and home management which scored 66 and 68 percent respectively.

“Those statistics were worrying and as a bank, we decided to help people save and achieve their life goals,” he said

Commenting on the product Ned Phillips, Co-Founder, and CEO of Bambu stated “We’ve always believed that investing is about accessibility. And we are confident that the SC Shilingi Funds is the perfect way for people to start investing.”

“We believe in improving people’s lives by empowering them to be financially stable. By partnering with StanChart, we aim to reach millions of Kenyans who are keen on saving and growing their wealth,” SanlamKenya Chief Operating Officer (COO) Mark Mulatya added.