In 2024, the NCBA Group entered into a series of strategic partnerships that have vindicated the bank as Kenya’s go-to financial institution for individuals, communities, and corporates.

A spot check and analysis by Bizna Kenya shows that these partnerships have ranged from arrangements that are aimed at facilitating easier acquisition of assets such as vehicles and land to partnerships fostering social support.

In June 2024, for instance, the NCBA Group and Inchcape Kenya, a luxury car dealer, announced a partnership to fund customers’ purchases of new and used cars. This partnership now allows NCBA to fund up to 90 per cent of the value of a new car and up to 80 per cent of a used car. This comes with a maximum repayment period of 60 months (5 years). This will help customers manage their finances easily.

“This partnership was designed to provide an exceptional solution specifically tailored for those looking to acquire vehicles that are regarded as high-end including Jaguar, Land Rover, BMW and Changan models of vehicles,” stated Lennox Mugambi, NCBA Group Director, Asset Finance and Business Solutions.

NCBA partners with Inchcape to offer up to 90 per cent financing for new cars

Interestingly, this partnership built on an asset financing option for Isuzu and Toyota vehicles at the NCBA Bank. Under this option, if a customer has a business that can demonstrate a regular cashflow, the bank can boost them up with up to 100 per cent financing through a partnership it is running with CFAO Motors which are responsible for the popular models Toyota HiAce (matatu) and Toyota Hilux (pickup).

Apart from the Toyota vehicles, the customer can also get financed to acquire Isuzu D-Max pickups and Isuzu trucks including the Isuzu FRR trucks and the Isuzu NQR 33 seater matatu buses. Under this option, they will be eligible to access financing of up to 95 per cent. In both arrangements, they will be granted a 90 repayment holiday to ensure that they have adequate time to organize their business and get extra income coming in to match the installments.

NCBA giving 95% financing to buyers of Isuzu, Toyota vehicles. How to apply

But it is not just the dream of vehicle ownership that the NCBA Bank is making a reality. In May 2024, the NCBA Group announced a partnership with real estate firm Fanaka Real Estate. This partnership assists aspiring land owners to acquire plots of land on sale by Fanaka with financing from the bank.

Under this partnership, the bank has also availed the Buy and Build financing option of up to 100 per cent. This facility enables customers to buy a piece of land and construct it at the same time. “Owning property is more than just a transaction; it’s the cornerstone of stability, security, and prosperity. At NCBA, we are dedicated to making this dream a reality for our customers. Through our strategic partnership with Fanaka Real Estate, we are not just providing loans; we are unlocking doors to homeownership with innovative financing solutions tailored to the diverse needs of our customers,” says  NCBA’s Group Retail Director, Tirus Mwithiga.

The bank’s reach has extended to insurance products. For instance, we found out that the bank in conjunction with Sanlam Life Insurance have partnered to offer new life insurance products. The partnership features two new products: Digital Last Expense, which covers funeral costs, and Go Educator, which enables users to pay for education.

According to NCBA Group Chief Executive Officer and Managing Director John Gachora, this partnership is aimed at making life insurance more accessible to Kenyans by addressing the low uptake caused by financial constraints and a lack of information on the products.

 “This collaboration with Sanlam Life Insurance represents a significant step forward in our commitment to providing comprehensive financial solutions to our customers,” says Mr. Gachora.

“By offering these innovative life insurance products, we aim to enhance the financial well-being of our clients and ensure they have the necessary support during critical moments in their lives. We believe this partnership will significantly boost the uptake of life insurance in Kenya, addressing key barriers and misconceptions that have hindered its growth.”

Leveraging on NCBA’s  extensive network of branches and customer experience touchpoints,  the NCBA-Sanlam partnership aimed at ensuring that products are easily accessible to customers across Kenya.

NCBA Bank expansion drive hits top gear; branches set to cross 120 mark

“For customers who prefer to receive services from a one-stop-shop like a bank, this partnership comes in handy for them as they will now be able to access a full suite of financial services to meet their long-term investment needs,” Sanlam Kenya Group CEO, Dr Nyamemba Tumbo echoed Mr. Gachora’s sentiments.

“We shall, therefore, leverage our distribution and processing capabilities, stronger brand visibility and a greater degree of public trust to deliver a superior customer and product experience.”

At a time when the banking sector is experiencing a digital disruption, the bank has stayed ahead of the pack with strategic digital training partnerships for its workforce. For instance, in September 2024, the bank announced that over 3,000 of its employees would benefit from a training partnership with Amazon Web Services (AWS).

“By equipping our staff with advanced problem-solving digital skills, we are accelerating our digital transformation efforts, enabling us to bring new end-to-end digitized customer journeys to market,” said Mr. Gachora. The AWS is a leading global cloud services provider.

With a growing number of Kenyans who are living and working abroad, the bank has also sought to facilitate a smoother way of sending money home. The bank currently has an arrangement with Xpress Money, a cross-border international payment solutions platform, that is offering efficient remittance services to its diaspora customers.

Announced in November 2024, this strategic partnership has been providing NCBA NCBA customers access to an affordable, reliable, secure, and convenient platform for sending and receiving money across Xpress Money’s global network, which includes over 185,000 partner locations in over 160 countries.

“This partnership aligns with our strategic goal to be the leading bank for the Kenyan diaspora. Together, we aim to increase remittance volumes and provide value to both senders and receivers,” says Mr. Mwithiga.

Interestingly, this partnership came in as remittances from abroad grew by 17.2 per cent as at the end of October to stand at Sh. 469.4 billion, up from Sh. 400.7 billion at the same time the previous year.