Established in April 2018, RibaAfrica Ltd is an independent Kenyan funds management business specializing in trustee, corporate trust and custody services. The company’s purpose is to provide domestic payment service providers, investment schemes, insurance groups, pension funds and private equity firms with market-leading responsible services in trustee, custody and fund administration, either as a complete turn-key solution or as discrete services.
Introduction
RibaAfrica’s service to the Kateete Pan African Art Foundation Trust.
The Kateete Pan African Art Foundation Trust has appointed RibaAfrica Ltd as a custodian for the Art. The use of the custodial service will ensure the end-to-end integrity of the process, from purchase to delivery of the Art. The specific roles of the custodian will include;
- Hold and physically segregate in its custody all paintings whether original or prints on behalf of the foundation. This ensures that Art purchased through the website will be physically available to be dispatched to the client once payment has been received.
- To protect the buyers of the Art. Money advanced by potential buyers will only be released to the Foundation once the buyer has received and taken ownership of the Art sold.
- Ensure that all Art purchased is couriered to the buyer in a safe and efficient manner and that the Art is received by the owner in perfect state.
- Maintain and administer a web-based IT platform to assist in performing the services.
Process for purchase of art through the Kateete Pan African Art Foundation Website
- The potential client will view the Art through the Kateete Pan African Art Foundation Website available @ www.kateete.com
- The potential client will select his / her preferred painting (s) and add the same to the “shopping cart”
- Once the client (checks out) the purchase, the site will generate an invoice. The invoice will have details on cost of painting (s), Cost of freight, Cost of Insurance at 1.5% of the cost of painting and taxes if any.
- The client will be able to select the payment mode and once payment has been made, a notification will be sent to the client’s email address and to RibaAfrica Ltd, the custodian, for commencement of the courier process.
- The custodian has contracted an international courier company (Aramex Ltd) to manage both local and international shipments.
- The custodian will generate an Aramex Waybill and invoice. The waybill will enable the client to track the shipment until it reaches the destination.
- The custodian will schedule the collection of the purchased Art on-line on the Aramex platform. Aramex will receive the notification and a rider will be sent to collect the Art from the custodian’s premises.
- The courier will then package at their offices, will scan the shipment to get the weight and input data on their system for client viewing.
- The shipment will be bagged and moved to the Airport on the same night that the shipment was collected.
- Transit time depends on the destination. On average it takes 4 – 5 working days.
- Once shipment arrives at the destination, it will go through customs clearance processes.
- If shipment attracts duties and taxes, the client will be advised on the amount.
- Once charges are settled Aramex will proceed to deliver the shipment to the client premises.
