Tuesday, January 31, 2023

Commercial Vehicles uptake grows to 70 %, NCBA

The uptake of loans to finance commercial vehicles has grown to 70% of the total of asset financing, with public service vehicles and school buses making the bulk of this. This is attributed to the growth of the transport sector which has been on a growth trajectory post-Covid-19.

This is according to Lennox Mugambi, Group Director, Asset Finance & Business Solutions during the 16th edition of the NCBA Johari Awards ceremony, an annual customer appreciation event that seeks to recognize its top performing motor vehicle dealers, partners and insurance brokers across the country, through the bank’s asset financing division.

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Speaking during the event, NCBA Group Director Asset Finance, Lennox Mugambi said that Asset financing has been a key pillar and contributor to the overall growth and success of the bank.

“NCBA Bank shares in the goal of creating sustainable transport in Kenya by providing access to affordable financing. The transportation industry has played an indispensable role in society and the economy. The transport sector’s current contribution to the country’s GDP stands at 8.3% and as a bank, we are proud to play a part in this growth.” Said Mr. Mugambi.

NCBA continues to pride itself as the leading Asset Finance Bank in Kenya and the East African region with a market share of 35%. The bank has been at the forefront in assisting its clients to acquire new and used movable assets at competitive interest and term rates.

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Emerging as the overall winner was Emma Oyombe Twayler from CFAO Motors Ltd who was the top sales agent, in 2022. In second place was John Mwanzia from Rock plant Kenya Ltd and in the third position was Susan Joy Mukwaya from Simba Corporation Ltd.

Also present at the event was NTSA Director General, George Njao who said that “One of our key objectives is to enhance knowledge and public awareness on safer road use by at least 40% of the current rate every year. The Transport sector is a very important industry as it supports the country’s socioeconomic interactions. Transport mobilizes a society and enables them to partake in economic activities which lead to economic growth and social development, and greatly influences society’s interaction with their environment.”

NTSA has been at the forefront of continuously improving road safety for road users through planning, managing, and regulating the road transport network, as well as harmonizing the operations of the key road transport departments, and helping in effectively managing the road transport sub-sector and minimizing loss of lives through road crashes.

This year NCBA created KES 2 Billion funds to finance electric vehicles. This is the bank’s sustainability agenda is to drive the climate risk agenda in a bid to decarbonize the transport sector and is offering 80% financing in electric vehicles at the current market rate.

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