Safaricom Agent Facility is used for Expansion of Safaricom business, purchase of float.
Shari’ah contract: Liquidity Murabaha Financing or Murabaha.
Dealer Qualification
- Average 6 Months residual Commissions *12.
- 6 Months existing Relationship with Safaricom.
- Audited accounts & cash flows for amounts above Kes 5Mn.
- Commission Statement for the last 6 months.
- Existing KCB account Relationship.
- Executed Assignment.
- Take up credit life on the loan facility.
- Agency contract with Safaricom.
- For repeat Loans growth in commissions to be demonstrated.
- MIS confirmation from RM Safaricom Scheme H/O.
Tenor
- Maximum 5 years.
Financing
- Minimum Kes 50,000.
- Unsecured upto Kes 10Mn (unsecured).
- Secured above Kes 10Mn.
Security
- Assignment to Channel commission proceeds to KCB.
- Board Resolution.
- Directors Guarantees.
- MOU with Safaricom.
Rates & Fees*
- Competitive Profit rate.
- Documentation fee of 3%.
- 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).
- Minimum premiums Kes 20.
Top Up
- To be considered when the customer has done repayments of up to 50% of facility amount or good track repayment record for the last 12 months.
