NCBA Bank Kenya has entered into a partnership with Mobikey Truck and Bus Ltd to offer full asset finance to clients seeking to purchase heavy commercial vehicles.
Under the deal, the lender will offer 100pc financing to Mobikey customers seeking to purchase new MAN trucks, MAN buses, Randon trailers and Hyundai construction equipment as well as up to 80pc for used assets.
“This partnership comes at an opportune time as the country looks to accelerate economic growth through increased investments in key sectors. Partnering with Mobikey allows us to offer our customers an unrivalled range of asset financing options to grow and expand their operations,” said Lennox Mugambi, NCBA Group Director of Asset Finance and Business Solutions.
The financing package includes a 60 day moratorium period, competitive processing fees and the option to bundle insurance premiums and other costs into the loan.
The deal comes amid slowed growth in Kenya’s construction and transport sectors. According to the Kenya National Bureau of Statistics, the construction sector’s GDP contribution fell from 7.1pc in 2020 to 6.3pc in 2024, while land transport declined from 11.4pc in 2022 to 10.8pc in 2024.
The 2024 Auditor General’s Report also revealed that construction accounts for over half of all pending government bills, hampering access to capital for contractors and investors.
Mugambi noted that the flexible financing options will support SMEs and large commercial businesses, especially those facing challenges in securing funding.
“By providing solutions for acquiring transport and construction equipment, we are enabling businesses to overcome the challenge of limited access to capital,” he added.
The financing is expected to benefit sectors such as agriculture and education. In agriculture, it will support rural infrastructure, mechanisation and efficient distribution. In education, MAN buses will help schools improve student mobility, expand their reach and enhance learning opportunities.
“We are delighted to partner with NCBA Bank Kenya to make our movable assets more accessible to businesses and individuals across Kenya. We have already seen great synergy in our collaboration and look forward to the transformative impact we can have together in enabling business growth and productivity,” added Mobikey CEO Ricardo Teixeira.
