Matatu Sacco Nicco Movers Ltd has acquired 30 brand new buses in a financing deal with the Co-operative Bank. The Sacco on Thursday received the second batch of 8 out of the 30 buses that have been financed by Co-op Bank.
Led by Director John Kiambo, Nicco Movers received the buses from Thika Motor Dealers which was led by the General Manager – Sales and Marketing, Kim Nderitu.
This handover was witnessed by a team from Co-op Bank that was led by the Head – Transport and Investment Cooperatives, Alex Mwanthi and Kanyua Muriuki who is the Branch Manager at the Ridgeways Branch.
This financing is the latest in a string of mega financing that Co-op is facilitating in the transportation industry.
For instance, the bank has invested more than Sh. 10 billion in the last few years to finance over 2,000 matatus to PSV Saccos and companies through leasing and direct hire purchase arrangements.
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At the same time, Co-op Bank continues to support the PSV transport sector to renew their fleet and subsequently reducing emissions from older buses, while guaranteeing quality and safer public transportation.
The financing package being offered by the bank is proving its affordability and convenience for some of the biggest matatu Saccos in the country. The lender has also former strategic partnerships with key motor assemblers and dealers to enhance customer satisfaction.
For instance, not so long ago, Metrotrans Sacco, one of the leading PSV transport Saccos operating in Nairobi, received 45 new buses at Isuzu East Africa with financing from Co-op Bank.
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In the same vein, Co-op Bank is the force behind the financing scheme that provides a ninety-five per cent financing option for Isuzu N-series, Isuzu F-series and Isuzu pick-ups TFS and TFR Series in a partnership with Isuzu East Africa.
The bank is also giving schools acquiring school buses a one-term moratorium when they purchase the buses, with repayment extended to 72 months on a termly basis, which adds up to 18 terms at zero processing fee.
