Unsecured Bid bonds through banks regulated by CBK 

Owing to the short timelines involved in tendering process, bidders/tenderers find it convenient working with Baraka Credit through it’s partner banks.  The key value proposition being quick processing time without the requirement to open a bank account, credit services and doorstep delivery.

Performance Bonds/Guarantees through banks regulated by CBK

Insurance brokers are required to issue performance guarantee in respect to tenders won for the provision of insurance services.

Owing to conventional collateral requirements by banks to secure performance guarantees, Insurance brokers have been experiencing a challenge to obtain conventional collateral /cash as collateral to the banks to facilitate issuance of the required performance guarantees.

Baraka Credit has partnered with Commercial Banks on a structured model hence eliminating the collateral barrier.

Bank Guarantee to Insurance Regulatory Authority (IRA)

Baraka Credit through its partner banks, has structured flexible collateral model vis a vis the traditional/conventional collateral where banks have been insisting on 100% cash security as the collateral on the bank guarantee/bond issued by insurance brokers to IRA. This will unlock/ free up cash tied up to be deployed to other business opportunities.

Unsecured Insurance Premium Financing (IPF) to Insurance Brokers clients

Baraka IPF presents an opportunity to insurance brokers clients flexibility to pay insurance premiums in up to ten instalments.

The brokers shall in return access 100% returnable commissions from the underwriters as the premiums will have been settled in full by Baraka Credit.

Affordable & Flexible Working Capital Financing

This is customized to meet Insurance Brokers short term obligations due to cashflows constraints/ mismatch