The cash advance offered in partnership with Access Bank and local tea factories ¬is expected to bridge short-term cashflow gaps caused by delayed payouts between harvest delivery and income.
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The successful completion of the transaction is subject to conditions that are customary for transactions of this nature including receipt of all regulatory approvals from, amongst others, the Central Bank of Kenya, the Central Bank of Nigeria, the COMESA Competition
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The Base Lending Rate also referred to as BR is basically an interest rate that the bank refers to, before it decides on the interest rate to apply to a loan.
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In total, there are over 30 banks in Eldoret, with some having several branches.
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The debt is said to be part of legal fees for an ongoing case involving the Access Bank over land ownership row in which the lawyer who sought anonymity is representing them at the Eldoret High Court.
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