About Us

Interest Rates Advisory Centre Limited (IRAC) is a unique financial consultancy in Kenya. It was set up as a limited liability company in July 2001 and began offering services to the public in September 2001.

Since its establishment, IRAC audits banking facility contracts and reconciles them with bank accounts. IRAC then recalculates the interest that the financial institution has charged the client.

The consultancy is a multidisciplinary team incorporating Bankers, Lawyers, Advocates of the High Court of Kenya, Mathematicians, IT consultants, and software developers. Today, we are the acknowledged repository of unique expertise in the verification of bank liability on 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.

"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."

Why Choose IRAC

  • In the thousands of cases IRAC has handled so far, the interest charged by banks on Loans, Mortgages and Overdrafts is wrongly calculated in more than 90% of the cases analyzed. These interest overcharges have many causes. They range from innocent mistakes to systemic inefficiency. IRAC has even documented fraudulent conduct by some lenders. 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. At the end of the IRAC Process our Credit Verifier! Software will generate a report that IRAC stands by.