SMEs to Benefit from NCBA-Car & General Financing Deal
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SMEs to Benefit from NCBA-Car & General Financing Deal
NCBA has announced a strategic partnership with Car & General, a leading supplier of power equipment, automotive, and engineering products in East Africa.
This collaboration marks a major step forward in NCBA’s mission to offer innovative, customer-focused asset finance solutions to the Kenyan market.
Through this partnership, customers can access up to 90% financing with flexible repayment terms of up to 60 months.
Additionally, individuals purchasing equipment will benefit from a 60-day grace period after receiving the asset, allowing them to begin using it before making any payments.
Speaking during the signing ceremony, NCBA Group Director of Asset Finance and Business Solutions, Lennox Mugambi, emphasized the bank’s commitment to delivering value through trusted partnerships and customer-centric services.
He noted that what differentiates NCBA in today’s competitive landscape is not just its wide financing options, but the ease of access and quality of service it offers customers.
Boosting SMEs and Industry Through Affordable Financing
Kenya’s plant and machinery sector continues to expand, driven by growth in construction, agribusiness, transport, and manufacturing.
However, many SMEs and commercial enterprises still face obstacles in accessing affordable financing. High upfront costs and strict collateral requirements remain significant barriers.
SMEs to Benefit from NCBA-Car & General Financing Deal
Mr. Mugambi highlighted that although the construction sector contributed 6.3% to GDP growth in 2024, credit to the sector actually declined.
He pointed out that while loans fell from KES 602.7 billion to KES 528 billion, the value of approved private building plans in Nairobi increased signaling renewed investor interest.
According to him, the NCBA-Car & General partnership is timely and will allow developers and contractors to acquire modern equipment and stay competitive.
Car & General CEO Vijay Gidoomal echoed this sentiment. He noted that the partnership aligns perfectly with their mission to support customers through value-driven solutions.
With a strong regional network and commitment to service, Car & General complements NCBA’s vision of inclusive financing.
For SMEs and MSMEs, which drive a large portion of Kenya’s economy, this partnership brings a much-needed solution.
Many of these businesses struggle with accessing traditional loans due to complicated documentation and heavy collateral demands. This initiative removes those barriers by allowing the equipment to serve as its own collateral.
Ultimately, the collaboration reaffirms both NCBA and Car & General’s shared goal: to help individuals and businesses across Kenya access the tools they need to grow, innovate, and stay resilient in a challenging market environment.
