NCBA Bank and motor dealer Toyota Kenya have signed an asset finance partnership to enable the purchase of commercial and personal vehicles.
The deal allows the uptake of Hilux single cab pickups, Hiace vans and Toyota Rush, with an up to 95 per cent financing option to be paid within 60 months, and an extended repayment holiday at the outset of 90 days.
The deal is intended to support players in key sectors such as agriculture, manufacturing, transportation and healthcare, as the country looks into post-Covid-19 recovery.
In a bid to ease the financial burden in the current business environment, customers will in addition enjoy a discounted facility fee, the entities said in a joint statement on Thursday.
Customers will also get to enjoy competitive premiums for motor insurance cover facilitated through NCBA’s bancassurance arm.
Speaking at the signing ceremony of the financing deal, NCBA Group Director, asset finance and business solutions, Alan Dodd, termed the partnership a testament to NCBA’s commitment to building and sustaining the prosperity of individual customers and SMEs.
“It is vital that SMEs are provided with the necessary financial support which will give hope to the millions of people who rely on them for employment,” he said.
Toyota Kenya Chief Operations Officer Joshua Anya said: “The significance of this partnership is down to the fact that despite the tough operating environment, our commercial customers, especially in the SME category are still in a position to run their operations.”
The small and medium enterprise sector, which is the country’s largest employer has particularly been hard hit by the pandemic.