Terms and Conditions

THIS TERMS AND CONDITIONS is a financial services and an end-user agreement between the Borrower and Crediation Limited, a company duly registered under the Laws of Kenya based at Eaton Place, 2rd Floor, United Nations Crescent, P. O. Box 63946-00619, Muthaiga, Nairobi, Kenya. Email: info@crediation.com, for the loan application in the prescribed manner via the Company’s USSD Code.

The Lender has agreed, at the request of the Borrower, to advance credit facilities (the “Loan”) for purposes of purchasing stock through the authorised manufacturers and distributors.

The Borrower agrees to settle any monies due in full according to these terms and Loan Agreement;

The Lender and the Borrower (individually, each a “Party” and collectively, the “Parties”) have agreed to record their mutual understanding in the terms set out below.

These Terms and Conditions and any amendments or variations thereto take effect on their date of publication.



For the purposes of this Agreement and the Crediation Limited’s credit facilities, unless the context requires otherwise:

1.1.1 The words “We” and “The Lender” Herein refer to Crediation Limited and include its successors and assigns.

1.1.2 The words “You”, “end-user” or “The Borrower” Herein refers to the Retailer purchasing stock through an authorised distributor or manufacturer that enters into these terms and includes the authorized personal representatives of the business.

1.1.2 “Account” means your loan account with Crediation Limited.

1.1.3 “Unstructured Supplementary Service Data (USSD)” means the protocol used by the end-user using a cellphone to communicate with the Lender’s platform while making a loan application.

1.1.4 “Admin” Refers to the appointed person/Director authorized to make loan applications and repayment by owners/directors of the borrower.

1.1.5 “Nominated Phone Number” Refers to the dedicated phone number nominated by owners of a business for purposes of making loan applications and receiving notifications via USSD.

1.1.6 “Loan “Means the principal amount of the loan requested via USSD or (as the context may require) the principal amount outstanding for the time being of that loan;

1.1.7 “SIM Card” Means the subscriber identity module which was used with the appropriate mobile phone handset to enable the customer to access a Mobile Network and to use USSD to make a loan application;

1.1.8 “SMS” Means a short message service consisting of a text message transmitted from your mobile phone to another;

1.1.9 “Mobile Network Operator” Means a mobile network operator in Kenya registered with the Communications Authority of Kenya;

1.1.10 “Request” Means a request or instruction received by The Lender from you or purportedly from you through the Network and the System and upon which the Lender is authorized to act.


2.1.1 The Services offered by Crediation Limited are intended solely and can only be utilized by authorized personnel of the borrower or directors, who are 18 years or older and are legally capable of entering into a legally binding contract. Any use of our services by anyone who does not fit this criterion is unauthorized and in violation of these Terms.

2.1.2 Crediation Limited reserves the right to decline your loan application and revoke the same at any stage at our sole and absolute discretion and without assigning any reason or giving any notice thereto.

2.1.3 Crediation Limited reserves the right (in our sole and absolute discretion) to issue, decline to issue a loan, and/or vary the terms of any loan depending on its assessment of the credit profile of each borrower from time to time.

2.1.4 The Borrower further agrees to not use our services to conduct any activity that would constitute a civil or criminal offence or violate any law.

2.1.5 The Borrower also agrees not to attempt to interfere with the USSD application to gain unauthorized access to our systems.


3.1.1 Crediation Limited herein allows the nominated phone number to apply for a loan through USSD mobile phone application.

3.1.2 Crediation Limited will be entitled to assume that any loan agreements entered through the designated phone number shall have been authorized and entered into by the borrower admin or owner. Further, once you access and use the USSD application option to submit a loan application, you will be deemed to have read, accepted, and agreed to be bound by and comply with these Terms.

3.1.3 You will notify us immediately if you become aware that any unauthorized person may have access to your mobile phone device/ designated phone number and information that they may use to make an authorized application through email on info@crediation.com or 0704 666 222.

3.1.4 The Borrower shall first opt-in to accept the terms and conditions, then head over to fill in their preferred loan amounts and the repayment period.

3.1.5 Subsequent loan applications shall only be considered by the Lender once existing loan facilities are successfully fully repaid.

3.1.6 Loan Repayment periods cannot be amended after a loan application has been submitted.

3.1.7 Crediation Limited may implement procedures it deems necessary for borrower authentication once a loan application is received and the electronic record/ communication shall be proof that you further accept to comply and be bound by the terms herein.


4.1.1 You certify that ;

  • (i) You are authorized on behalf of the company whose name You have entered to sign up for the Services and,
  • (ii) All information You provide is true, correct and complete and that You will notify us of material changes to such information.

4.1.2 You understand and agree that we and our agents and assignees are authorized to contact third parties to make credit report inquiries. You understand and agree that Crediation is making no commitment or guarantee that any product, evaluation, or guidance provided by Crediation will result in an approval for a CrediStock loan from Crediation or any third party.


5.1.1 You hereby irrevocably authorize the Lender to act on all Requests received by us from you through USSD in the designated phone number and to hold you liable in respect thereof. The Lender may nevertheless refuse to carry out any Requests in its sole and absolute discretion.

5.1.2 Subject to its discretion, the Lender reserves the right to reject any Request in relation to a loan application from you even if you have previously been issued with a loan facility.

5.1.3 The Lender shall be deemed to have acted properly and to have fully performed all the obligations owed to you notwithstanding that the Request may have been initiated, sent, or otherwise communicated in error or fraudulently, and you shall be bound by any Requests on which we may act if the Lender has in good faith acted in the belief that such instructions have been sent by you.

5.1.4 The Borrower agrees to and shall release from and indemnify the Lender against all claims, losses, damages, costs, and expenses howsoever arising in consequence of, or in any way related to us having acted in accordance with the whole or any part of any of your Requests (or failed to exercise) the discretion conferred upon it.

5.1.5 The Borrower acknowledges that to the full extent permitted by law that the Lender shall not be liable for any unauthorized application, drawing, disclosure, any activity, or any incident on your mobile device by the fact of the knowledge and/or use or manipulation of your Sim card, ID or any means whether or not occasioned by your negligence.

5.1.6 In the event of any conflict between any terms of any Request received by the Lender from the Borrower and this Agreement, this Agreement shall prevail.


6.1.1 By agreeing to these Terms, you authorize us, our assigns, successors, or servicing agents to send SMS Statement Notifications to the Nominated phone number provided to us by you, in connection with your relationship with us, including your application, any loans with us, and any other agreements with us. This applies to any phone numbers you provide now or in the future.

6.1.2 As used in this Terms “SMS Notifications” means any SMS (text message) or equivalent mobile communications from the Lender to The Borrower pertaining to your loan phone numbers provided in connection with this loan, including but not limited to payment information, pending documents, account information, due dates and other relevant information about your loan account.


7.1.1 The Borrower shall pay the Lender principal and interest on the Loan Amount at the agreed interest rate (And Loan Period) on the respective due dates to be specified by the Lender during loan application based on the approved loan amount.

7.1.2 The assigned loan limits are assigned based on each Borrower’s creditworthiness at the discretion of the Lender.


8.1.1 The Repayment for the entire Loan shall be made in the selected repayment period chosen during loan application, on a specific date in a manner to be specified by the Lender upon approval of your loan application.

8.1.2 In addition, loan repayment(s) can only be strictly made to Crediation’s MPESA;

Paybill: 537 131

Account Number: KE No

8.1.3 No cash collections shall be accepted by our field officers during collection/ field visits.

8.1.4 An installment repayment shall constitute the loan principal amount plus the applicable interest.s


9.1.1 Event of Default: An event of default occurs when you fail to pay any sum payable for a Loan granted under these Terms and Conditions on the repayment dates to be communicated by the Lender via SMS or failure to pay the interest when due or any indebtedness or failure to perform or observe your obligations under this Agreement.

9.1.2 Penalties: The Lender shall apply a daily roll over fee of 0.34% on the outstanding balance.

9.1.3 Lender’s Remedies: At any time after an Event of Default has occurred which is continuing, the Lender may, without prejudice to any other right or remedy granted to it under any law, serve a notice in writing to the Borrower declaring the Loan Amount immediately due and payable together with all interest payable and demanding payment and if the Borrower does not comply with the notice served the Lender reserves the right to initiate collection measures to recover the outstanding amount. These measures include but not limited to:

  • Outsource third-party debt collection agencies to recover the outstanding balance from the Borrower at the risk and cost of the Borrower.
  • Sue the Borrower for any unpaid amounts due and owing under this Agreement.
  • Instructing an auctioneer of choice to recover the debt/stock equivalent at the risk and cost of the Borrower.


10.1.1l These Terms and Conditions, our SMS and phone call communication to the designated phone number shall constitute the entire agreement which shall apply to you and supersede and extinguish all previous agreements, promises, assurances, warranties, representations, and understandings between us, whether written or oral, relating to its subject matter.

10.1.2 You acknowledge that in entering into this Agreement you do not rely on any statement, representation, assurance, or warranty (whether made innocently or negligently) that is not set out in these Terms and Conditions.

10.1.3 The parties herein agree that neither of us shall have any claim for innocent or negligent misrepresentation or negligent misstatement based on any statement in this Agreement.


11.1.1 We disburse loans solely for stock purchase and the approved loan amounts shall be channeled to the specific VSM’s MPESA till number.

11.1.2 The Borrower acknowledges that they have been duly advised on the loan terms and that neither the Lender nor its employees or agents have used any compulsion or threat or exercised undue influence on them to induce them to execute this Agreement.

11.1.3 The Lender reserves the right to assign and/or transfer all or any of its rights, benefits, and obligations under this Agreement to any person at any time provided that such assignment shall not relieve the Borrower of any of its obligations hereunder.

11.1.4 These Terms are severable in that if any provision is determined to be illegal or unenforceable by any court of competent jurisdiction such provision shall be deemed to have been deleted without affecting the remaining provisions which will continue to be valid and enforceable to the fullest extent permitted by law.

11.1.5 Any disputes arising out of the Terms or our services offered will be resolved in accordance with the laws of Kenya.


This Agreement shall be governed and construed in accordance with the laws of Kenya in all respects.


13.1.1 Disputes: All parties involved shall make effort to resolve any dispute, or claim of any nature whatsoever arising out of or in relation to or in connection with this Agreement. To this end, the Parties in dispute shall each promptly appoint representatives of appropriate standing who shall meet and attempt to resolve any dispute between them. In the event that an amicable settlement has not been reached within thirty (45) days of the parties’ representatives meeting as aforesaid, the following provisions of this clause 20 shall apply.

13.1.2 Arbitration: Any dispute, difference or question whatsoever and howsoever arising out of or in connection with this Agreement, save as specifically provided herein, shall be referred for final determination to a single arbitrator to be appointed by agreement between the parties hereto or in default of any such agreement within seven (7) days of the notification of any dispute by either party to the other then, upon application by either party, by the Chairman for the time being of the Kenya Branch of the Chartered Institute of Arbitrators (“Institute”).

13.1.3 Such arbitration shall take place in Nairobi and shall be conducted in accordance with the Rules of Arbitration of the Institute.

13.1.4 To the extent permissible by law the determination of the arbitrator shall be final and binding upon the Parties and shall not be subject to any appeal.