NCBA Bank Kenya and Car & General Launch Flexible Asset Financing for SMEs and Commercial Businesses
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NCBA Bank Kenya has announced a partnership with Car & General, a key supplier of power equipment, automotive, and engineering products in East Africa.
The NCBA Car & General collaboration will provide flexible asset financing solutions to individual customers, SMEs, and commercial businesses, with the goal of expanding access to essential equipment for growth and competitiveness.
Through the NCBA and Car & General partnership, customers can access up to 90% financing for equipment purchases via NCBA Bank, with flexible repayment terms of up to 60 months.
Additionally, the financing arrangement includes a 60-day grace period from the time equipment is released, allowing customers to use the machinery before making any payments.
Speaking during the signing of the Memorandum of Understanding, Lennox Mugambi, NCBA Group Director Asset Finance and Business Solutions, said that n c b a bank is enhancing its asset finance proposition through quality partnerships and customer-focused solutions.
“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,” Mugambi stated.
Mugambi also noted the growth potential in Kenya’s plant and machinery sector, which is expanding due to rising demand in construction, agribusiness, transport, and manufacturing industries. The sector is projected to grow by over 10% annually as businesses modernize operations.
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However, many NCBA SMEs and ncba commercial businesses face difficulties accessing affordable financing because of high upfront costs and stringent collateral requirements.
Mugambi noted that:
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The construction industry contributed 6.3% to Kenya’s overall GDP growth of 4.7% in 2024.
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Credit to the construction sector declined from KSh 602.7 billion to KSh 528 billion.
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Approved private building plans value in Nairobi increased from KSh 220 billion to KSh 221.6 billion in 2024.
“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.” he added.
Car & General, which has an extensive network of branches and service centres across East Africa, is positioned to provide comprehensive customer support and product availability under the new financing arrangement.
“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 & General.
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.
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