The 100% digital investment product available on the SC Mobile app allows clients to investment amounts of as low as KShs 1000, earn competitive interests and withdraw funds anytime.
The low risk investment allows users to invest in quality short-term securities like Treasury Bills, fixed deposit instruments, high-quality corporate commercial and near cash holdings.
SC Shilingi fund is in collaboration with Sanlam Investments East Africa, and Mangosteen BCC Pte Ltd. The product will enable users move money from their current account daily, weekly or monthly to the Money Market Fund managed by Sanlam.
According to Edith Chumba, Head Consumer, Private and Business Banking at Standard Chartered, their value proposition is to offer their 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 achieve their financial goals by starting their investment journey, diversifying their portfolios and saving towards future needs while earning attractive returns”.
Alao speaking at the launch, Mr. Mark Mulatya, Chief Operating Officer at Sanlam Investments East Africa Limited noted that Sanlam Investments believes in improving people’s lives by empowering them to be financially stable through wealth creation.
“We do this by responding to the needs of our customers across a variety of financial services and in a timely manner. This collaboration solidifies our shared commitment to promote a saving and investing culture through solutions such as the Sanlam Money Market Fund which offers capital preservation, high levels of investment returns and immediate access to money when requested.”
Commenting on the product, Ned Phillips, Co-Founder and CEO of Bambu said that they have always believed that investing is about accessibility.
“We are confident that the SC Shilingi Funds is the perfect way for people to start investing. As a technology partner working alongside Standard Chartered, we really focused on making a simple and seamless extension of their platform for their banking clients – enabling access for every customer to start and maintain investing habits via regular savings plans.”
Standard Chartered Bank recently released a Wealth Expectancy Report that shows that 5 in every 10 of Kenyans under 35 years have not set retirement goals. To bridge this gap, the Bank is using technology and digital innovation to increase participation and drive financial inclusion. Standard Chartered is banking on technology adoption in the customer journey and distribution of its products as it makes forays into the Kenyan Mass Market space.
How to Invest with SC Shilingi Money Market Funds
- Download and Install SC Mobile App
- Open the bank account.
- Follow the steps. [If you are banking Standard Chartered Bank, follow the steps from number 3]
- Log in to SC Mobile App
- Select Investing in the menu
- Choose SC Shilingi Funds
- Follow the steps to start investing