Stanbic Bank Kenya has signed an import financing partnership with two leading motor vehicle importers in Kenya, MHH International Limited and World Navi Company Limited.
The bank plans to use the initiative to enable its customers easily acquire imported vehicles. Under the two separate partnerships, customers will get up to 80% financing through Stanbic Bank with 20% deposit being paid to the importers, and a payment period of up to four years. The financing package will enable clients to get access to quality vehicles with friendly repayment terms from the bank.
Speaking at the launch of the partnership, Head of High Net Worth and Affluent Clients at Stanbic Bank Kenya, Ms. Aliya Khanbhai said, “By partnering with MHH International and World Navi, Stanbic Bank hopes to make it easier for our clients to access quality vehicles from overseas markets. This will enable them to access a wider pool of vehicles to ensure that the vehicle they settle on fully meets their specifications. We want our clients to get the exact vehicle they desire and would like to offer them a painless and seamless experience during the acquisition journey.”
This initiative is expected to enable customers to source for vehicles at cheaper prices than would be found at local yards due to elimination of mark-ups occasioned by middlemen.
Under the partnership with MHH International Limited, the deal is expected to make it easier for customers to source vehicles from the UK, Japan or Australia/ MHH International will offer end-to-end service from sourcing to delivery of the vehicle. The dealer also offers one clear price which includes all the costs associated with the purchase, from sourcing of the vehicle to delivery.
Under the partnership with World Navi Company, the importer will source and ship the vehicles, making it easier for clients to access the cars directly from Japan. Through World Navi, the customers will also be able to buy vehicles from the Japanese used car auction where over 100,000 vehicles are put up for auction every week.
Ms. Aliya Khanbhai further added that the partnership with MHH International and World Navi is in line with the bank’s purpose of driving Kenya’s socio-economic growth. By collaborating with key stakeholders, the bank is on a mission to help individuals and businesses achieve their goals by providing them with access to credit for vehicle importation.
Stanbic Bank Kenya is a financial services organization in Kenya. The Group’s headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya and South Sudan. Stanbic is a member of the Standard Bank Group, a financial services giant based in South Africa.