Do you work on contract or project-based jobs? We offer you a buffer as you wait to be paid for a completed project by financing up to 80%* of your invoice.
Shari’ah contract: Liquidity Murabaha Financing or Murabaha.
Target Audience
- ALL SMEs in all Trade Sectors (Supplier Financing). Transaction financing for specific invoices, confirmed invoice, delivery note, domicile letter, executed assignment of receivables. The invoice is the security.
For Expansion of Safaricom business, purchase of airtime, stock from Safaricom.
Term
- 90 days.
Limits
- From Kes 100,000 - Kes 250Mn.
Discounting
- Up to 80% financing of the invoice.
History of Banking
- 6 months account statements.
Rates & Fees*
- Documentation fee of 3%.
- Competitive Profit rate.
- Insurance Premium shall be paid at the rate of 0.33% per annum of the facility advanced by the borrower (single life) and an additional 0.165% per annum for each additional joint borrower (Joint life).
- Extension fee due to delayed payments - 1.5% of the advanced amount.
- Directors’/Corporate/Company Guarantees documentation stamping fees - Kes 3,000.
Tenor
- Maximum 5 years.
Collateral
- Up to 2Mn; Unsecured.
- Above 2Mn -20mn; Partially secured by simple deposit and valuation to be done, with undertaking to charge and signed transfer forms.
- Above 20 Mn - Fully secured. Drawdown upon receipt of letter of no impediment from the lawyers.
Financing
- Minimum Kes 50,000.
- Unsecured upto Kes 30Mn (unsecured) for Gold and Platinum.
- Secured up to Kes 250Mn.
- Unsecured up to Kes 20Mn for Silver and Bronze.
