NCBA has announced a partnership with Car & General, one of East Africa’s leading suppliers of power equipment, automotive, and engineering product.
Customers will now have access of up to 90 per cent financing, with flexible repayment terms of up to 60 months. Additionally, any individual purchasing an asset will benefit from a 60-day grace period after the equipment is released, allowing them to use the equipment without making payments.
Speaking during the MoU signing ceremony, NCBA Group Director Asset Finance and Business Solutions, Mr. Lennox Mugambi, said, “In today’s highly competitive asset finance landscape, customers have access to a wide range of options. As Kenya’s leading asset finance provider, what sets NCBA apart is not just the availability of financing, but the quality partnerships, ease of access and customer-focused competitive financial solutions.”
Kenya’s plant and machinery sector has witnessed robust growth, driven by expanding construction, agribusiness, transport, and manufacturing industries. Recent data indicates a surge in demand for equipment, with the sector expected to grow by over 10% annually as businesses modernize and scale operations. However, many SMEs and commercial enterprises face significant barriers in accessing affordable financing due to high upfront costs and stringent collateral requirements.
Car & General CEO, Vijay Gidoomal, Lennox Mugambi, Group Director of Asset Finance and Business Solutions, NCBA Bank
“The construction industry contributed 6.3% to Kenya’s overall GDP growth of 4.7% in 2024 as credit to the sector fell from KES 602.7 billion to KES 528 billion,” noted Mr. Mugambi. “However, approved private building plans value in Nairobi rose to KES 221.6 billion in 2024, from KES 220 billion; showing increased investor appetite. Our collaboration to fund construction equipment is well-timed, offering developers and contractors more convenient access to up-to-date equipment to maintain pace even under tightening conditions.”
Car & General, with its extensive network of branches and service centres across East Africa, ensures excellent product availability and customer support. “Our mission to deliver value to our customers perfectly aligns with NCBA’s vision of delivering holistic, customer-driven financial solutions that enable success at every level of society. This partnership bridges the gap in financing that SMEs and MSMEs face, enabling them to scale their businesses to the level they want to achieve.” said Vijay Gidoomal, CEO at Car and General.