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
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Assistance when facing Auctioneers or Receivers
Finance Cost Assurance
This is a service for anyone with a borrowing account.
IRAC recalculates interest and verifies
IRAC helps to ensure that your client only pays for what they rightly owe and not a cent more.
IRAC has the tools and expertise to assist you when you need help urgently.If you are receiving
IRAC queries the bank account(s), line-by-line, entry-by-entry & transaction-by-transaction. IRAC thereafter
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
With all entries into the account verified, IRAC then re-computes the interest on the Overdraft and Loan Accounts to ensure it is mathematically
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
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.