This archive report was first published on 20 October 2021.
Nairobi, Kenya, October 20, 2021 - Small and Medium Enterprises (SMEs) participating in government tenders can now access instant online bid bonds of up to Kes 10 million, courtesy of a new web-based platform launched by HF Group.
The platform, dubbed HF Whizz Bid Bonds, aims to empower SMEs with 24/7 access and a seamless experience when applying for bid bonds, thereby increasing their chances of winning tenders.
A bid bond is a crucial part of the documentation required when submitting a bid. It guarantees the project owner or contracting authority that the bidder will meet the obligations of the contract under the terms at which they bid.
According to HF Group Chief Executive Officer, Robert Kibaara, bidders often make their bid bond applications at the last minute, a peculiar behavior observed in the Kenyan market.
“Bidders usually make their bid bond applications at the last minute; a peculiar behavior observed in the Kenyan market. Most bidders will only apply for a bid bond after putting together all the other required documentation, while a number of bidders will get to know about tenders at the eleventh hour,” said Kibaara.
HF Whizz Bid Bonds eliminates the hassle of the offer letter process and gives customers pre-approved unsecured limits of up to Kes 10 Million, allowing them to self-serve and access the platform 24/7.
