NCBA Bank has now financed more than 4,000 vehicles that are currently on Kenyan roads, maintaining its position as the largest asset financier in the country. The Kenyan lender has so far used 17 billion shillings to finance vehicles in Kenya.
NCBA commands a market share of 34 percent in Asset Finance. NCBA MD and CEO Mr. John Gachora highlighted that investment in asset finance goes hand in hand with the development of the transport sector which contributes 8.3 percent to Kenya’s gross domestic product (GDP).
“Through our asset finance offerings, different sectors can modernize their practices and industries are more financially flexible to allow technical advancements. These aspects allow businesses to stay competitive in a rapidly evolving landscape,” said John Gachora, the MD and CEO of NCBA Bank.
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To appreciate the impact and the role of asset finance in the Kenyan economy, and the role that dealers and agencies play, NCBA awarded dealers, insurance agencies, and brokers for their contributions with a promise of committing more resources towards the venture.
The winners were recognized in asset finance sales, top sales representative, longest-serving sales representative, and asset financed booked (used units) among others.
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“A well-developed asset finance ecosystem signals a favorable business environment for investors. Providing access to financing for necessary assets creates a ripple effect that benefits stakeholders all around. Suppliers, distributors, and service providers are enabled to expand in new assets, leading to increased demand in labor,” added Mr. Gachora.
At the same time, the Group Director of Asset Finance at NCBA, Mr. Lennox Mugambi, noted that NCBA has set aside 2 billion shillings for financing of electric vehicles as part of their sustainability plans.
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