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Payroll Flex Advance

Product terms, pricing, eligibility, disbursement, repayment, documentation, and immutable version audit.

SITU-RET-PAYROLL / v2.4

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Product header

active

Code

SITU-RET-PAYROLL

Class

retail

Status

active

Version

v2.4

Name: Payroll Flex Advance
Owner: Retail credit products
Approval route: Retail credit committee
Term sheet: CBK/TS/SITU-RET-PAYROLL/2026-04

Pricing config

reducing

Nominal rate

18.50%

APR

13.32%

EIR

26.53%

TCC

Ksh 11,989

9.99%

Rate bands by risk tier

Risk tier	Score range	Nominal rate %	CBK cap check
A	760+	14.50%	within
B	700-759	18.50%	within
C	640-699	23.50%	watch
D	600-639	29.00%	hold

APR/TCC disclosure

Representative amount: Ksh 120,000
Representative tenor: 9 months
Total fees: Ksh 2,550
Total repayable: Ksh 131,989
Flat-to-EIR conversion: 26.53%

Fee schedule

Fee	Basis	Value	Timing	Disclosure
Origination fee	percent	2.00%	origination	Deducted at disbursement and shown in the key facts statement.
Statement fee	fixed	Ksh 150	origination	One-off statutory statement preparation charge.

Eligibility rules

Min/max age: 21 - 60
Employment-status: Salaried with employer remittance file
CRB-score-minimum: 600
Daftari-depth-minimum: 3 salary deposits or payroll passport confirmation
Chama-standing: Not required
Geographic-restrictions: Kenya residents with Kenyan national ID

Disbursement config

Channel: Mobile self-service
M-Pesa B2C vs bank transfer: M-Pesa B2C
Same-day vs next-day: same-day
Settlement-bank: KCB Bank Kenya - Situ settlement 001

Repayment config

Method: annuity
Day-count convention: Actual/365
Grace-period: 3 days
Early-settlement-fee %: 0.00%

Documentation checklist

5 required docs

National IDKRA PINPayslipEmployer remittance mandateBank or M-Pesa statement

Version history

immutable audit log

Version	Effective date	Change notes	Approved by
v2.4	2026-04-15	Added payroll passport eligibility and zero early-settlement fee.	Retail credit committee
v2.3	2026-01-10	Reduced tier A rate by 75 bps after funding curve update.	ALCO delegate
v2.0	2025-08-01	Migrated from flat pricing to reducing balance disclosure.	Product governance board