Business Loan
Business Loans
This account is ideal for business, either as an individual business name or limited liability company.
Benefits
- Flexible security requirements
- Affordable with no hidden charges
- Flexible loan repayment period
- Quick loan processing
- Access to business and financial education.
Affordable loans for individuals and groups ready to thrive in the Boda Boda and Tuk Tuk transport
sector.
Benefits
- Get the financial boost needed to kickstart or
expand your Boda Boda or Tuk Tuk transport
venture. - Flexible repayment terms of up to 12 Months for motorbikes and up to 24 Months for Tuk tuks.
What you will need
- Copy of ID and PIN.
- Rafiki Microfinance Bank account.
- Pro forma invoice or sale agreement.
- Six months’ bank / Mpesa Statements (up to date).
- Three months’ payslip if employed.
- Valid Class FG driving licence for
Boda Boda.
Agricultural Financing (Credit Products)
These facilities support agribusiness value chain players with cash requirements for farm inputs,
agricultural assets/equipment financing, working capital, and advances on farm deliveries.
1. Kilimo Bora Loan
This product is for farmers and agro dealers who do not have conventional security but have
sufficient cash flows.
Features
Loan Amount
- Minimum: KShs. 5,000. Maximum: KShs. 300,000.
Pricing:
Interest rate: 2.16% per month on flat rate.
Processing Fee: 3.3% of the loan amount.
Insurance Fee: 0.6% per annum of loan amount.
2. Kilimo Imara Loan
This loan is for agribusiness clients who have sufficient cash flows but with insufficient conventional
securities to fully secure the loan facility.
Loan Amount
Minimum: KShs. 300,000. Maximum: KShs. 2,000,000.
Pricing
* Interest rate: 1.83% per month on flat rate.
* Processing Fee: 3.3% of the loan amount.
* Insurance Fee: 0.6% per annum on the loan amount.
3. Kilimo Dhabiti Loan
This product is for agribusiness clients who have conventional securities (such as land and
motor vehicles) and can fully secure the loan facilities using them.
Loan Amount
Minimum: KShs. 100,000. Maximum: 5% of core capital.
Pricing
Interest rate: 23% per annum on a reducing balance rate.
Processing Fee: 3.3% of the loan amount.
Insurance Fee: 0.6% of loan amount.
4. Kilimo Advance
This loan offers advances to small-scale farmer groups or individuals with milk delivery (supply)
contracts to milk processors.
Loan Amount
Up to Kes. 10 Million.
Loan Term
60 days (2 months).
Pricing Interest rate:
24% per annum reducing balance.
5. Warehouse Receipt Financing
This product is aimed at offering financial solutions to agribusiness customers who store non
perishable agricultural commodities in regulated warehouses.
Purpose
Aids the farmer to meet short-term financing needs while allowing them to wait out the
low-price season and sell their commodities when prices increase.
Amount Eligible
Maximum of 65% of the value of the commodity or Kes 10 million.
Loan Term
Minimum of 2 Weeks and a maximum of 6 Months (next planting Season).
Product
Benefits
- Quick loan processing
- Flexible collateral for agri-loans
- Financing for farm expansion that includes; farming equipment and asset acquisition
- Financing across all agri-value chain (livestock and crops)
Ensure that a bidder will honor their bid and if awarded the contract will proceed with the project.
Open to account holders and non-account holders.
The tendering institution or the bidder should not be in the prohibited list as defined in Rafiki Microfinance Bank Policy.
Benefits
- Maximum of 45,000,000 or 5% of Rafiki MB’s core capital
- TAT – process complete within one hour
- Open to non-account holders
- Guarantee accepted by any procuring entity in Kenya.
- Rafiki MB has been licensed by the CBK and PPOA
Requirements
- Copy of tender document indicating the bid bond required.
Dully filled Guarantee Request Form.
Proper KYC to be done. Company ID documents including ID, Pin and Certificate of Incorporation/Certificate of Registration.
A performance guarantee is a written commitment from a bank or insurance company assuring the buyer that the contractor will complete the project. Required before signing the contract, it allows the buyer to claim payment if the contractor fails. The bank is legally obligated to pay within a specified timeframe.
- Maximum of 45,000,000 or 5% of our core capital
- Any amount above that will be referred to Chase Bank.
- 2.5% per quarter (0.2% excise duty) of the guarantee amount
or Kshs. 5,500 (whichever is higher). - All commission charges are paid up front.
- 12 months or as dictated by the procuring entity/employer
Benefits
- TAT – process may be complete within one day
- Provides avenue for cross selling other products.
- Non-funded income generated
- Option of household assets as security
- Guarantees accepted by any procuring entity in Kenya.
Rafiki MB has been licensed by the CBK and PPOA
Requirements
- Duly completed Guarantee Request Form.
- 12 months of bank statements showing receipts from past employers.
- Copies of past bid/performance bonds, APGs, award letters, ongoing contracts, and completion letters.
- Business/home location map.
- Business registration certificate, client’s ID, and PIN.
- Copy of award letter.
- 20% cash margin and acceptable security for the remaining 80%.
For limited companies
- Board resolution authorizing the guarantee.
- Directors’ IDs and PINs.
- Latest CR12 or company search.
- Certificate of incorporation.
- Memorandum and Articles of Association.
- Company PIN and tax compliance certificate.
- For Youth Fund consideration, all directors must be under 34.
- Any other documents required by the Credit Committee.
An Advance Payment Guarantee (APG) is a bank’s promise to a procuring entity, ensuring the return of upfront payments if a client fails to fulfill their contracted obligations after receiving the advance. The APG becomes active once the advance payment is received by the bank.
Benefits
- APGs are a source of cheap deposits since received funds are kept in non- interest earning cash margin accounts.
- APGs allows the clients to access resources for utilization in projects that would otherwise be unavailable.
- TAT – process complete within one day depending on the security perfection required.
- Guarantees accepted by any procuring entity in Kenya.
Rafiki MB has been licensed by the CBK and PPOA
General Eligibility
- Must have a clear CRB record.
- Available only to Rafiki Microfinance Bank account holders.
- Bidder or institution must not appear on Rafiki Bank’s prohibited list.
- Client must have a valid contract or active performance obligation.
Requirements
- Duly completed Guarantee Request Form.
- Copy of contract (including award and acceptance letters, performance bond, directors’ IDs and PINs, or request if missing).
- 12 months of bank statements.
- Proof of track record (past awards, ongoing contracts,
completion letters). - Business or home location map.
- Company profile.
For companies/registered businesses: - Board resolution authorizing the guarantee.
- IDs and PINs of all directors.
- Certificate of incorporation or business registration.
- Memorandum and Articles of Association.
- Company PIN and tax compliance certificate.
- Any additional documents requested by credit committees.
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