Standard Chartered unveils SC Shilingi, a low-ticket money markets fund for its clients

Standard Chartered Bank Kenya in collaboration with Sanlam and Mangosteen BCC (operating the Bambu brand) have launched SC Shilingi funds, a low-ticket money markets fund proposition for Standard Chartered Bank clientele.

The full 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.

Keeping in mind the needs of client, the investment journey has been made simple, seamless and intuitive:

  • With as low as Kshs 1,000, customers will have access to an investment solution.
  • The product is 100% digital and available 24/7 on the SC Mobile app
  • Very flexible as one can invest one-time anytime, weekly and/or monthly
  • Very attractive daily interest and compounding monthly
  • Very liquid – customers have unlimited free withdrawals at anytime

The product enables one to move money from their current account daily, weekly or monthly to the Money Market Fund managed by Sanlam. The platform combines a customer current account with the local currency Money Market Fund investment to provide the client with attractive returns, higher than what they would ordinarily get from a current account and/or savings account while maintaining a relatively high level of liquidity.

Speaking during the launch, Edith Chumba, Head Consumer, Private and Business Banking at Standard Chartered said: “Our value proposition is to offer our 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”.

She added: “At Standard Chartered Bank, we are committed to driving financial inclusion to empower people and communities to meet basic needs. With as little as Kshs 1000, Kenyans can now start building an investment portfolio or saving towards needs like housing, education, healthcare or for leisure and travel. This product can also act as an emergency fund with the ability to withdraw funds easily to help our clients prepare for, respond to and recover from global health and economic crises, such as COVID-19.”

Speaking at the launch, Mark Mulatya, Chief Operating Officer at Sanlam Investments East Africa 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.”

“Over the past few years, we have witnessed a sharp rise in the demand and uptake of the Sanlam Money Market Fund. By leveraging on Standard Chartered’s robust digital platforms such as their SC Mobile app, we seek to reach millions of Kenyan residents who are keen on saving and growing their wealth,” he added.

The Sanlam Unit Trust is currently valued at approximately Kshs 9 billion.

Commenting on the product, Ned Phillips, the co-founder and CEO of Bambu said: “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. 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.

Standard Chartered Bank Kenya is regulated by the Central Bank of Kenya. Investment Products are distributed by Standard Chartered Investment Services Ltd, a wholly owned subsidiary of the Bank that is licensed by the Capital Markets Authority as a Fund Manager. Standard Chartered is listed on the London and Hong Kong Stock Exchanges.

Sanlam Investment East African Limited (SIEAL) is leading fund manager in the region and has a strong record of accomplishment in service delivery and investment performance. SIEAL is part of the Sanlam Group, through its subsidiary Sanlam emerging markets. The Sanlam group is a leading financial services group with operations in more than 34 African countries and a primary listing on the Johannesburg stock exchange.

SIEAL has been fully operational in Kenya since 1998 and in Uganda since 2004. The firm is licensed by the Capital Markets Authority in Kenya and Uganda and duly registered with the Retirement Benefits Authority in Kenya to provide investment advisory and management services. The firm is also licensed by the Uganda Retirement Benefits Regulatory Authority.

Bambu is a leading global digital wealth technology provider for financial institutions. The cloud-based platform is powered by our proprietary algorithms and machine learning tools. The company serves over 20 financial institutions globally. Founded in 2016, Bambu is headquartered in Singapore with a subsidiary in the UK and the US and EMEA representative offices.

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