This facility allows traders to obtain an advance from the bank pending receipt of their sales proceeds, thus increasing their liquidity. The advance is based on the face value of the bills drawn by the seller. While discounting a bill, the bank buys the bill (i.e. post dated cheques) before it is due and credits the value of the bill after a discount charge to the customer’s account.
When you get your paycheck, take a percentage -- between 10 percent and 30 percent -- and put that away. You'll be rich enough to be financially independent within a short period of time.
Consolidated Bank is regulated by The Central Bank of Kenya.
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