Standard Chartered Bank has launched the SC Shilingi Funds⏤ a low-ticket money market fund for Standard Chartered Bank clientele that is 100% digital and available on the SC Mobile app.
SC Shilingi Funds allows clients to invest amounts of as low as UGX20,000, and earn competitive interest as well as be able to withdraw their funds anytime.
Standard Chartered Bank is the first bank to offer such a proposition in the market.
The launch event was held at Kampala Sheraton Hotel on 21st June 2023 and was presided over by the Minister of ICT Dr. Chris Baryomunsi; the Bank’s CEO, Sanjay Rughani and Keith Kalyegira, the CEO, Capital Markets Authority among other executives.
At the launch, the bank affirmed its commitment to helping Ugandans achieve their financial goals as well as bridge the gap towards true financial inclusion.
While unveiling the SC Shilingi Funds proposition, the Chief Executive Officer, of Standard Chartered Bank – Mr. Sanjay Rughani said that the product was “designed for first-time investors to give them access to products that can impact their lives in a positive way”.
“That is why we have made the minimum investment as low as UGX20,000. Uganda deserves to become a middle-income country and we believe that this new product, the SC Shilingi Funds will be a great driver towards this target. Our experienced Relationship Managers will provide any client with objective, relevant wealth advisory and solutions they need to achieve their ambitions. All investors can take comfort in knowing that this SC Shilingi Funds proposition has been carefully designed and will be managed by our team of experienced professionals, and we are confident that it will perform excellently well.”
“With SC Shilingi, everyone gets the chance to participate in building their financial portfolio,” the bank added in a statement.
Speaking on behalf of Capital Markets Authority, the Chief Executive Officer, Mr. Keith Kalyegira urged Ugandans and investors especially to “stay away from service providers who are not licensed and regulated by the Capital Markets Authority”.
“As the regulator, my responsibility is to make sure that the investors are protected from exploitation,” he said, adding: “I love the fact that this product has a low buy-in which makes it accessible to a lot of people”.
Moses Rutahigwa, Head, Consumer, Private & Business Banking, at the bank, said that SC Shillingi is tailored for “investors who don’t have a lot of money to invest” which is why the bank had turned to its unique technology capabilities “ to make sure that SC Shilingi Funds reaches all interested investors with a SmartPhone”.
Explaining the workings of the new product, Lydia Nakamya General Manager, Affluent Banking and Wealth Management said that the SC Shilingi Funds product unlocks access to “affordable saving products and sectors with higher returns than what’s currently available locally”.
“This product is for clients and potential clients who have both short-term and long-term goals to build their wealth by saving regular smaller amounts or lump sum. Our SC Shilingi platform has been developed in partnership with Mangosteen BCC Pte Ltd (Bambu) while the fund is underwritten and managed by Sanlam Investments East Africa Ltd (Sanlam),” Nakamya said.
She added that the investment journey had been made simple, seamless and intuitive. Besides the low thresholds for investment- UGX20,000, the product is 100% digital and available 24/7 on the SC Mobile app; very flexible – clients can invest one-time or anytime, weekly and/or monthly with very attractive daily interest that is compounded monthly. She also underscored the liquidity of the product, allowing customers to make unlimited free withdrawals anytime.
The guest of Honour Hon. Chris Baryomunsi, Uganda’s Minister of Information, Communications Technology and National Guidance commended Standard Chartered Bank for its commitment to leveraging technology to innovate in the financial services space.
“As the Ministry of ICT, we have a National Information and Communication Technology Strategy that was developed in 2018. One of the areas for action is to promote the development and availability of relevant, high-quality digital content, products and services. We also seek to promote local innovation and entrepreneurship to drive the growth of a vibrant and sustainable ICT industry. With the SC Shilingi Funds, Standard Chartered Bank is contributing to the delivery of this strategy and I urge other institutions to emulate them. This product reflects the bank’s commitment to coming up with practical solutions to the modern challenges faced by this tech-savvy generation,” remarked Dr. Baryomunsi.
He urged Ugandans to “use such innovations to improve their financial situation”.