Donor, Project & Escrow Accounts

Key Features

• One account per project or grant
• Dual approvals and custom mandates
• Escrow release on agreed milestones or documents
• Per-project statements and audit trails

Benefits

• Transparency and accountability to donors and auditors
• Protection of funds for their intended purpose
• Builds trust between contracting parties

Requirements

• KYC documentation – certificate of registration/incorporation or establishing Act/Gazette notice, KRA PIN, and IDs/KRA PINs of signatories
• Board/Council resolution authorizing the account or facility and appointing signatories
• Project/grant agreement or escrow agreement
• KYC for all parties to the escrow

Charges

• Account charges as per the prevailing tariff guide
• Escrow arrangement fees as agreed in the escrow agreement

Potential Risks

• Delayed releases where conditions or documents are incomplete
• Disputes between parties to an escrow

Transaction Process

• Structuring & Agreement
• KYC of parties
• Account setup
• Funding
• Conditional release
• Closure & reporting