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Interest Rates Advisory Centre            P.O. Box 9034-00100
Ambassador Court, Block A, Flat No. 3, Jakaya Kikwete Road, Nairobi, Kenya

Interest Verification

Really, why Litigation?

Finance Cost Assurance

IRAC’s business model is premised on one fact; that banks, like any other business concern, make mistakes in their handling of Loans, Overdrafts, Mortgages and other accounts. Banks, as a matter of fact, invite the lender to verify the transactions as reported on the bank statements of account.

Interest Recalculation, Finance Cost Assurance and reconstruction of financial facilities is a complicated process. Everything turns on the interpretation and meaning of contractual documents and the applicable law governing these contracts. If and when a dispute between a Client and a bank goes to litigation, the basis of the Interest Recalculation becomes critical.

The software behind FCAS has been developed in Kenya over a period of 7 years. It is specific to Kenya’s banking environment. It caters for and can deal with every and any possible operational permutation practiced by any bank in Kenya. It has been developed by lawyers, mathematicians, accountants and auditors. 


Data Analysis /Interest Verification

Service Output - Report Generation

IRAC understands the highly sensitive nature of the work involved. Strict confidentiality during the entire period of engagement is therefore maintained. On initial engagement with the client, a confidentiality agreement is signed. (The Mutual Non-disclosure Agreement)

With all entries into the account verified, IRAC then re-computes the interest on the Overdraft and Loan Accounts to ensure it is mathematically accurate and legal in conformity with your Banking Facility Letter/s and with The Banking Act and The Central Bank of Kenya Act.

This is in hard and/or soft copy. The following is a listing of the various reports generated as a result of the Finance Costs Assurance process;

  • Interest recalculation sheets in detailed or summary form of the period verified.

Our Target Clientele

We serve both clients and all Licensed Banks and Specified Financial Institutions in Kenya that are governed by The Banking Act and The Central Bank of Kenya Act. This means any individual borrower or company with credit(borrowing) facilities with a bank or financial institution.

Benefits to you

The key benefit is Peace of Mind – that your finance costs (interest charged) are accurately stated and that you are paying only what you should pay and not a cent more. Our other value-adding services include: –
 1. Detection of interest overcharges leading to claims for refunds.


What we require for the IRAC process is clear copies of:

  • All bank account statements, from the first to the most recent one.
  • All Banking Facility Letters or Hire Purchase agreements relating to your bank account or associated bank accounts.

 All correspondence from the bank and to the bank, e.g. notification of interest rate change or enhancement or reduction of limits. The Security document – Legal Charge, Mortgage Deed or Guarantee.