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Rafiki Microfinance Bank Advance Payment Guarantees

An APG is a guarantee that a bank or financial institution provides to a client(the beneficiary) to secure an advance payment made to a contractor(the principal). It essentially acts as a financial safeguard for the client, ensuring that the advance payment is either refunded or used for the intended purpose

Rafiki Microfinance Bank Advance Payment Guarantees
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Client’s liabilities to a lending institution are guaranteed to be met

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Protection of both parties in a contractual agreement from credit risk

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Facility can help negotiate better terms on the tender and client’s contract

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Eligibility / Documents Required
  • Rafiki Microfinance Bank Account
  • Copy of PIN certificate of the company
  • Memorandum and articles of association for companies registered prior to 2015
  • Copy of ID/passport for all directors
  • Latest annual returns and CR-12 and filing receipt from Registrar of Companies office
  • Current tax compliance certificate
  • Board of Directors resolution to borrow & pledge security duly sealed
Rates & Fees
  • Bid bonds – 1% flat with minimum charge of Kes. 5,000
  • Performance Bond – 1% per quarter with minimum charge of Kes. 5,000
  • Advance Payment Guarantee – 1% per quarter with minimum charge of Kes. 5,000
  • Immigration/Customs/Insurance/ Transit Guarantee – 1% per quarter with minimum charge of Kes. 5,000
  • Payment/Financial/Demand Guarantees – 1% per quarter with minimum charge of Kes. 5,000
  • Cancellation of uncollected guarantees – Kes. 5,000

Find out more
about Rafiki
Microfinance Bank

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Reach us on

0711073000

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info@rafiki.co.ke