Standard Chartered Bank Kenya has removed the 1% upfront admin fee on its SC Shilingi Funds, a digital platform that allows customers to invest in money market funds through the SC Mobile app.
The move is aimed at making the platform more accessible and affordable for customers who want to save and invest for their short to medium-term goals.
“We’ve removed the 1% upfront admin fee giving you the best investment experience and attractive returns of up to 10.7%* p.a*.,” said Paul Njoki, Head of Affluent Banking and Wealth Management, Kenya & East Africa.
SC Shilingi Funds is a 100% digital platform that enables customers to invest in money market funds managed by leading fund managers in Kenya, such as CIC Asset Management, ICEA Lion Asset Management, and Sanlam Investments East Africa.
Customers can start investing with as little as KES 500, and enjoy attractive returns that are compounded monthly.
The removal of the 1% upfront admin fee means that customers will no longer have to pay any charges when they invest in SC Shilingi Funds.
Previously, customers had to pay a 1% fee on the amount they invested, which reduced their net returns.
Standard Chartered Bank Kenya said that the decision to remove the fee was part of its commitment to provide innovative and convenient solutions for its customers and to support their financial well-being.
The bank also said that it was confident that SC Shilingi Funds would continue to grow as a popular platform for investing in money market funds, which are low-risk and liquid investments that offer higher returns than traditional savings accounts.