1. Definitions in these Conditions

  • 1.1 “Account User” means the person liable to the Company for the settlement of the Loan, interests and such other costs and expenses as are agreed to by the Parties hereto.
  • 1.2 “Conditions” mean these terms and/or any other Conditions that regulate or relate from time to time to the availing of the Loan by the Company.
  • 1.3 “Due Date” means such repayment periods agreed between the parties between the date of Loan disbursement until the loan and all sums due here under are settled in full.
  • 1.4 “Loan” refers to the term Loan given to the Account User through the mobile phone or such other mode as shall from time to time be made available by the Company and in such amounts as shall be determined by the Bank in its absolute discretion after an Account User makes a formal application.
  • 1.5 “The Company” means Okolea International Limited of P.O. Box 41316 – 00100 Nairobi which expression shall where the context so admits include its successors in title and assigns.
  • 1.6 “Active User Account” means the account maintained by the Account User with the Company through the Mobile App “OKOLEA” in connection with the Loan transactions.
  • 1.7 The Company and the Customer shall together be referred to as the “Parties” and where the context requires individually as a “Party”.
  • 1.8 The masculine gender includes the feminine and vice versa.


  • 2.1 These Conditions as varied from time to time constitute the Agreement between the Account User and the Company with regard to Loan disbursed through the OKOLEA Mobile App.
  • 2.2 The Account User by completing an Mobile Loan application online shall be deemed to have read, understood and agreed to be bound by these Conditions upon acknowledging their receipt as availed in the Mobile Loan application process.
  • The Account User further confirms that he has considered the charges and interest levied by the Company as specified in Condition 3 below and fully understands that failure to settle the Loan on the due date shall result to a penalty fee of 0.5% each day of the first one month of defaulting and 1% each day thereafter, up to a maximum of 100% of the loan requested and thereafter, CRB listing if not repaid by the sixth month of it falling due.


  • 3.1 The following charges shall apply and may from time to time be subject to change without notice within the full extent permitted or demanded by law:
Loan Charge Description Charges
3.1.1 Interest Rate on Loan amount

The Interest rate chargeable shall be:

  • 5% for loans of 1 and 2 days.
  • 8% for loans of up to 7 days.
  • 11% for loans of up to 14 days.
  • 13% for loans of 21 days.
  • 15% for loans of 30 days.
3.1.2 Loan appraisal fee on fresh application All new loans will attract a processing fee as indicated below:
  • Below 1000 -> 25
  • 1001- 2500 -> 40
  • 2501 – 5000 -> 55
  • 5001 – 7500 -> 75
  • 7501 – 10000 -> 100
  • 10001 – 25000 ->150
  • 25001 – 50000 ->200
  • Above 50000 -> 300
3.14 Renewal fees Any customer who renews a loan must settle the minimum amount which comprises of the interest, processing fee, late fees if any and renewal fee. The renewed amount, referred to as new principle, attracts a new interest and new processing fee. The renew amount increases every time a customer renews the loan without paying the principle. It goes to the original renewal fee if whole loan is repaid and the customer chooses to renew the subsequent loan. The renew fee can be viewed on the loan summary by clicking on renew loan button.
3.15 Excise Duty An excise duty of 20% will be charged on the Loan Processing fee and Loan Renewal fee respectively starting October 2019.


  • 4.1 The Loan is repayable on the Due Date through the Okolea App , Mpesa paybill 245316 or USSD code *842#.
  • 4.2 Should the Loan not be paid on the Due Date, the Company shall, though not obligated, demand from the Account User all monies, which may then or thereafter be due and owing under these Loan Conditions, including but not limited to:
    • 4.2.1 All Loan appraisal fees due, interest due on Loan and principal Loan due.
    • 4.2.2 All legal and other costs, charges and expenses which the Company may pay or incur in connection with these Loan Conditions or the recovery of any monies owing here under;
    • 4.2.3 A fee to compensate the Company for a reasonable estimate of any loss incurred by the Bank as a result of default to the full extent permitted by law; and
    • 4.2.4 All monies due and computed from the due date until the settlement in full.


  • 5.1 The Account User undertakes to indemnify and keep the Company indemnified at all times against all actions, claims, demands, liabilities, losses, damages, costs, charges and expenses of whatever nature inclusive of any legal costs and disbursements incurred by the Company in obtaining payment of any monies due and owing to the Company from the Account User. The indemnity shall remain valid, subsisting and binding upon the Account User notwithstanding withdrawal & termination of the contract.
  • 5.2 Any legal costs and disbursements incurred by the Company as against the Account User shall be deemed to include every sum which would be allowed to the Advocates of the Company in taxation between the Advocate and clients to the intent that the Account User shall afford to the Company a complete entitlement and unqualified indemnity in respect thereof.


  • 6.1 The Company reserves the right to vary, amend or replace all or any of these Conditions at any time without prior notice. The Company shall notify the Account User of any changes made to these Conditions as soon as is practicable and by the most expedient means as determined by the Company provided that failure to make such notification shall not invalidate the changes.


  • 7.1 In the event of any breach by the Account User of any of these Conditions the Company may in circumstances where the Account User fails to comply or procure compliance with the terms of a notice served by the Company on the Account User, require immediate repayment in full of the outstanding balance on the Active User Account.


  • 8.1 The Company may at any time and without notice cancel or suspend the right to utilize Loan entirely or entirely withdraw the Loan as a product without affecting the Account User’s obligations under these Loan Conditions.


  • 9.1 Either Party may terminate their obligations under these Conditions at any time on written notice to the other Party. On termination by the Account User the termination notice should be accompanied by the repayment of the full Loan outstanding at the time of receipt.
  • 9.2 Termination shall only be effective upon the discharge of all the outstanding liabilities under these Loan Conditions.
  • 9.3 The Company may cancel any Loan on written notice from Account User accompanied by the payment of all sum outstanding Loan balance.
  • 9.4 The Company may at any time and without giving reasons or notice terminate these Conditions and upon such termination the Account User must repay the full outstanding Loan balance within the contracted period.
  • 9.5 Termination by either the Account User or the Company shall not affect the Account User’s obligations to meet any liabilities incurred prior to such termination. This condition will continue until the Account User has repaid all amounts outstanding at the time of termination.


  • 10.1 The Account User agrees that the Company may disclose details relating to the Loan to any third Party (including credit agencies) if in the Company’s opinion such disclosure is necessary for the purpose of evaluating any application made to the Company or such third Party or other purpose as the Company shall deem appropriate.
  • 10.2 The Account User agrees that the Company may disclose details relating to the Loan including details of default in servicing the Active User Account to any third Party (including credit agencies) for the purpose of evaluating the Account holder’s credit worthiness or for any other lawful purpose.


  • 11.1 These Loan Conditions are governed in all respects by the Laws of Kenya.
  • 11.2 A dispute, difference or question which may arise between the Parties Limited to the interpretation of right and liabilities of either Party shall be resolved through good faith negotiation between the parties and failing such to be referred to an arbitrator under the rules of the Arbitration (Amendment) Act 2009 of Kenya or any statutory modification or re-enactment for the time being in force, such arbitrator to be appointed by agreement of both parties and in the absence of agreement within fourteen (14) days of notification of the dispute by either Party to the other then on the application of any one party to the Chairman of the Kenyan Chapter of the Chartered Institute of Arbitrators and the decision of such arbitrator shall be final and binding on the Parties hereto.
  • 11.3 Neither Party shall be entitled to commence or maintain an action in a Court of law upon any matter in dispute until such matter shall have been submitted and determined as herein before provided and then only for the enforcement of the arbitration award or such matter as is permitted by law.


  • The Account User may not assign or otherwise dispose of any of the Account User‘s rights and obligations under this Agreement. The Company may transfer or assign its rights and obligations under these Conditions and such transfer or assignment shall be effective upon notification of the same to the Account User.


  • 13.1 All notices to the Account User made under these Conditions shall be sent by short message system(SMS) to the mobile telephone number availed by the Account User or by prepaid post to the last known postal address of the Account User whichever will be deemed to be expedient by the Company.
  • 13.2 he Account User shall notify the Company in writing of any change of address. Until such notice is received the Account User’s address shall be that stated in Mobile App sign in details provided.


  • The Account User expressly consents and allows the Company to forward personal data and full file credit information to licensed credit reference bureaus in accordance with the Banking (Credit Reference Bureaus) Regulations, 2008.