The consultancy is a multidisciplinary team incorporating Bankers, Lawyers and Advocates of the High Court of Kenya, Mathematicians, IT consultants and software developers. Today, we are the acknowledged repository of unique expertise in verification of bank liability in loans, overdrafts, mortgages and hire-purchase agreements. Our practice covers all licensed banks and financial institutions under The Banking Act and The Central Bank of Kenya (CBK) Act numbering more than 50 institutions.

Arbitrators and practicing lawyer’s assist in dispute resolution and in litigation by increasingly consulting IRAC.

In the several hundred cases IRAC has handled so far, the interest charged by BANKS on Loans, Overdrafts and Mortgages is wrongly calculated in more than 90%. In the recent we have provided an Independent, Objective and Confidential interest recalculation of outstanding balances and we have come across many cases of overcharging amounting to millions.

IRAC is the home of independent, objective and confidential;

  • Finance Cost Assurance Services (Overdraft Interest Confirmation) for Corporates.
  • Interest Recalculation of Mortgages, Business and Personal Loans.
  • Interest Recalculation for all interest-earning accounts.
  • In Duplum Check and Monitoring Services.
  • Litigation support.

Banks make mistakes. Everyone does. This is why bank statements invite you, at the bottom or back of your bank statement, to point out any errors that you may have spotted.

Not everybody has the capacity to query a bank statement or to spot even obvious errors. This is because it is a difficult, labour-intensive and time consuming exercise.


Ignorance is bliss, but it costs you dearly.

Interest overcharge refund claims amount to thousands and even millions of shillings depending on turnover and the bank involved.

While some banks are worse than others, they all regularly make mistakes. When these mistakes are made, they have to be paid for by someone. The person who pays for mistakes is the one who is ignorant or who lacks the capacity to verify interest calculations.

That person is you or your company.

Auditors and accountants may not pick up interest calculation errors in the normal course of their work. This is how and why you pay for 90% of all mistakes.

IRAC has developed a process that scrutinizes both your bank account and your contractual documentation. The IRAC Process verifies the accuracy of your lender’s interest calculations from the first activity on the first day in your Overdraft, Loan or Mortgage account. This is a complex and time-consuming process.

However, the benefits are invaluable when mistakes discovered run into thousands and millions of shillings. IRAC provides an easy, inexpensive way for you or your company to find out if your loan, overdraft or mortgage facility is being run accurately and in terms of your contract with the bank.


First, IRAC recommends that a Historical Verification of your credit facilities is carried out in order to certify that the account activity from inception to date, as reported by your bank, corresponds with the terms of the contract(s), other binding correspondences had and with the Laws of Kenya. This process ensures that you have the correct position on your current outstanding liabilities.

Once the Historical Verification is complete, a continuous process of re-check, the periodic Finance Costs Assurance Service ensures that bank’s errors are uncovered early, on a monthly basis.


We also serve clients in Common Law Jurisdictions, applying English mercantile law traditions. Our processes and software are compatible with the major financial and banking systems in the world.

If you or your company has a Loan, an Overdraft, a Mortgage, a Hire Purchase Account or an interest bearing investment account, The IRAC Process will be of great benefit to you.


  1. Detection of interest overcharges leading to claims for refunds.
  2. Protection from intimidation by banks based on the legal and regulatory framework.
  3. Enhanced knowledge of the way banks operate and better negotiating ability. After analysis, IRAC highlights the points of deviation from the contractual agreements. These insights form the basis of subsequent negotiations with the bank on banking facilities. IRAC always recommends friendly dialogue with the bank.
  4. Legal and Technical support and advice on your current and future facility requirements.
  5. Negotiations with the bank on rescheduled repayment facilities, if anything is outstanding.
  6. Sound banking management practices.


  1. All Banking Facility Letters or Hire Purchase agreements relating to your bank account or associated bank accounts.
  2. All correspondence from the bank and to the bank, e.g. notification of interest rate change or enhancement or reduction of limits.
  3. The Security document – Legal Charge, Mortgage Deed or Guarantee.


2.You can ask your bank   to re-check their interest calculations which they might not do, because they do not have the time or inclination to do such hard work.

3.Pick Up the phone and Contact IRAC or give us your details and we talk to you TODAY. Subscribe to IRAC Process where all the work is done for you by experts using the Credit Verifier! Software.