Credit Terms and Conditions

Requirements and conditions governing credit facilities offered by Rapidtech Networks Limited.

Applies to: All clients seeking credit facilities from Rapidtech Networks Limited.

These Credit Terms and Conditions apply to all clients who wish to establish a credit relationship with Rapidtech Networks Limited. Credit approval is entirely at the discretion of the Company and is based on a comprehensive evaluation of the client’s trading history, financial documentation and compliance with applicable regulatory requirements.

1. Trade History Requirement

To qualify for credit, a client must have maintained a minimum of six months of active trade with Rapidtech Networks Limited. This should include a record of regular purchases and prompt payments. Clients with a shorter trading history will ordinarily not qualify for credit facilities.

2. KYC and Business Documentation

As part of the credit evaluation process, clients are required to provide the following documents:

  • Company profile outlining the client’s business operations, services and market presence
  • Certificate of Incorporation or Business Registration Certificate
  • Valid trading or business licence
  • Current CR12 listing the company’s directors and shareholders
  • Certified copies of the directors’ national identity cards or passports
  • Valid Tax Compliance Certificate issued by the Kenya Revenue Authority
  • KRA PIN Certificate and VAT Certificate, where applicable
  • Bank statements covering the preceding six months
  • Audited financial statements for the preceding three years, including:

    • Auditor’s Report
    • Statement of Financial Position or Balance Sheet
    • Profit and Loss Statement
    • Cash Flow Statement
    • Statement of Changes in Equity
    • Notes to the Financial Statements
  • Details of the designated credit contact person, including their name, email address and mobile telephone number
Important: All submitted documents must be accurate, current, complete and independently verifiable.

3. Evaluation and Approval Process

Credit applications are assessed according to the client’s financial condition, transaction history and compliance status. The evaluation may include an analysis of:

  • Consistency and reliability of previous payment behaviour
  • Liquidity and solvency demonstrated in the financial reports
  • Adherence to tax regulations and other legal requirements
  • Stability, scale and continuity of the client’s business operations

Rapidtech Networks Limited reserves the right to approve, reject or revise a credit offer at its discretion. Clients will be informed of the outcome of their application and may request an explanation if an application is declined.

4. Credit Limits and Payment Terms

Once approved, the client will be assigned a specific credit limit based on the assessed financial capacity and trading requirements. Standard payment terms range from 7 to 30 days from the invoice date. Clients with a strong financial profile and satisfactory payment history may qualify for extended terms.

Late payments may result in:

  • Accrued interest or other applicable charges on overdue amounts
  • Temporary or permanent suspension of the credit facility
  • Reduction or withdrawal of the approved credit limit

5. Credit Review and Renewal

Credit accounts are subject to periodic review. Reviews may consider updated financial information, consistency of trade and compliance with previously agreed payment terms.

Clients must cooperate with the review process and submit updated documentation when requested. Credit limits and payment terms may be adjusted, renewed, suspended or withdrawn depending on the review outcome.

6. Client Responsibilities

Clients granted credit facilities must ensure:

  • The accuracy and completeness of all submitted information and documentation
  • Timely communication of changes in company ownership, structure, registration or compliance status
  • Prompt payment of all invoices according to the agreed credit terms
  • Immediate notification of any dispute affecting an invoice or payment

Failure to meet these responsibilities may result in the suspension or termination of the client’s credit privileges.

7. Retention of Title

All goods supplied on credit remain the property of Rapidtech Networks Limited until the applicable invoices have been paid in full. Clients must not sell, transfer, pledge or materially alter the goods before ownership has legally transferred.

In the event of non-payment, Rapidtech Networks Limited reserves the right to repossess the goods or pursue other lawful recovery measures.

8. Credit Default and Recovery

If a client defaults on an agreed payment obligation:

  • Legal proceedings or lawful debt-collection procedures may be initiated
  • Applicable legal, collection and recovery costs may be charged to the client
  • Credit privileges may be withdrawn until the outstanding account is settled in full
  • Future credit applications may be declined or subjected to stricter requirements

Clients who default may be disqualified from further credit consideration.

9. Suspension and Termination

Repeated late payments, failure to satisfy documentation requirements or evidence of financial instability may result in:

  • Immediate suspension of the credit facility
  • Reduction of the approved credit limit
  • Shortening of the applicable payment period
  • Termination of the credit relationship

Rapidtech Networks Limited reserves the right to make these decisions at its discretion and, where reasonably necessary, without prior notice.

10. Confidentiality and Data Use

Information submitted as part of a credit application will be treated confidentially and used for credit evaluation, verification, regulatory compliance, account administration and lawful recovery purposes. Information may be shared with authorized service providers or regulatory bodies where necessary and permitted by law.

11. Dispute Resolution

Disputes concerning credit approval, invoice payments, payment terms or account status should first be submitted directly to Rapidtech Networks Limited for review. Where an issue cannot be resolved through direct discussions, the parties may refer the matter to mediation, arbitration or another lawful dispute-resolution process governed by the laws of Kenya.

Acceptance of Credit Terms

By submitting a credit application to Rapidtech Networks Limited, the client confirms acceptance of these Credit Terms and Conditions and consents to the use of the submitted information for evaluating, verifying and managing the credit relationship.

Credit Application Enquiries

Contact Rapidtech Networks Limited for assistance with credit applications, documentation requirements or account enquiries.

Office Location
Town House, Kaunda Street
6th Floor, Room 606
Nairobi, Kenya