NCBA Bank Kenya has partnered with Mobikey, a major commercial vehicle and equipment distributor, to offer comprehensive asset financing solutions aimed at boosting business growth across key sectors of the economy.
Under the new agreement, NCBA will provide up to 100% financing for customers seeking to purchase new commercial assets including MAN trucks, MAN buses, Randon trailers, and Hyundai construction equipment. Used assets will also be financed with up to 80% of their value covered under the scheme.
The financing package comes with a 60-day moratorium, competitive processing fees, and the option to bundle insurance premiums and other associated costs into the loan making it easier for businesses to access the capital they need without heavy upfront costs.
“This partnership comes at an opportune time as the country looks to accelerate economic growth through increased investments in key sectors,” said Lennox Mugambi, NCBA Group Director of Asset Finance and Business Solutions. “We are offering our customers an unrivalled range of asset financing options to grow and expand their operations.”
The announcement comes at a critical time when both Kenya’s construction and transport sectors are grappling with slowed growth. Data from the Kenya National Bureau of Statistics shows the construction sector’s GDP contribution dropped from 7.1% in 2020 to 6.3% in 2024, while land transport declined from 11.4% in 2022 to 10.8% in 2024.
Further compounding the challenge, the 2024 Auditor General’s Report revealed that over half of all pending government bills relate to construction, limiting access to capital for contractors and developers.
NCBA’s flexible financing is seen as a timely solution for SMEs and large commercial businesses alike. Mugambi noted that the partnership will help address the challenge of limited access to capital, especially in capital-intensive sectors like agriculture and education.
Mobikey CEO Ricardo Teixeira expressed optimism about the collaboration, saying, “We are delighted to partner with NCBA to make our movable assets more accessible to businesses and individuals across Kenya. This partnership will drive productivity and long-term business growth.”
