NCBA Group and Inchcape today announced a strategic partnership aimed at making agricultural mechanisation more accessible and affordable to farmers countrywide. This collaboration seeks to address a fundamental challenge in the Kenyan economy, where agriculture contributes approximately 21% of the GDP but remains stifled by a heavy reliance on manual labour.
The partnership offers a comprehensive solution centred on the world-class New Holland tractor. To remove the financial barriers that often hinder modernisation, NCBA is providing:
- High-Leverage Financing: Up to 95% of the tractor cost.
- Implements Support: Financing for up to two farm implements, such as ploughs, boom sprayers, or balers.
- Working Capital: Access to up to KES 500,000 in working capital post-purchase for business customers to ensure operational success.
Market-Leading Differentiators
Unlike traditional agricultural loans, this solution is tailored to the non-linear nature of farming. NCBA has introduced several key features that set this offering apart from the rest of the market:
- Extended Tenure: A repayment period of up to 60 months, providing farmers with long-term financial breathing room.
- Seasonal Repayment Flexibility: Farmers can choose repayment plans that align with their specific harvest cycles rather than being tied to rigid monthly instalments.
- The 60-Day Holiday: For those on monthly plans, NCBA offers a 60-day grace period before the first instalment, allowing the tractor to generate income before the first bill arrives.
- Blended Finance: NCBA is partnering with Development Finance Institutions (DFIs) and NGOs to provide leveraged financing, making credit more affordable and sustainable for the long term.
Speaking at the launch, Lennox Mugambi, Group Director of NCBA Asset Finance and Business Solutions, stated:
“Today is about more than machinery; it is about empowering farmers to expand their acreage and strengthen their livelihoods. By matching repayment schedules to the realities of farming and offering up to 95% financing, we are removing the barriers that have historically held back the sector. NCBA is committed to being the financial partner that unlocks the full potential of Kenya’s agriculture.”
The Managing Director of Inchcape added, “We are thrilled to work with NCBA to help Kenyan farmers access world-class tractors. Inchcape’s extensive dealer network in Nakuru, Nairobi, Eldoret, and Kisumu (with more stations opening soon in Mombasa, Nanyuki and Meru), combined with factory-trained technicians and genuine New Holland parts, ensures that farmers get the most value and long-term reliability from their investment.”
All financed tractors will be protected through NCBA Bancassurance Intermediary Limited, ensuring peace of mind for both the farmer and the bank throughout the life of the asset.
Farmers, cooperatives, and agribusinesses interested in this financing solution are encouraged to contact their NCBA relationship managers, any NCBA branch or visit authorised Inchcape dealers.
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