Stanbic Bank Kenya and Mobikey Kenya Sign Agreement to Transform Vehicle Financing
What’s this about?
- Stanbic Bank Kenya and Mobikey Kenya have signed an MOU to make vehicle financing more accessible and affordable, offering competitive interest rates and 80% & 70% financing for trucks and trailers respectively.
- This partnership is Mobikey’s first local collaboration, aimed at enhancing the availability of high-quality vehicles in Kenya through innovative financing solutions provided by Stanbic Bank.
- Mobikey Kenya, part of the Grupo Jap conglomerate, seeks to strengthen the local presence of the MAN brand and expand its portfolio, leveraging Stanbic Bank’s market presence and financial expertise.
Zoom in…
Stanbic Bank and Mobikey Kenya, a leading player in the zero-mileage vehicle distribution industry and a member of Grupo Jap have signed a Memorandum of Understanding (MOU) set to transform vehicle financing in Kenya. This landmark agreement marks Mobikey’s first local partnership and is set to make vehicle financing more accessible and affordable, particularly for trucks and trailers.
The partnership features a competitive interest rate of 20.17% on a reduced balance, a 0% facility fee and a tenure of up to 48 months. Stanbic Bank will also offer up to 80% financing for trucks and up to 70% for trailers, subject to credit evaluation, making high-quality vehicles more accessible to a broader range of customers.
What they are saying…
During the MOU signing, Renato D’souza, Head of Commercial Banking at Stanbic Bank, said, “We are excited to partner with Mobikey Kenya to enhance access to affordable vehicle financing in Kenya. By leveraging Mobikey’s robust market presence and Stanbic Bank’s financial expertise, we aim to unlock significant value for our clients and drive growth in the local vehicle market. We are committed to supporting the automotive industry and will continue to develop innovative financing solutions to this effect.”
Commenting during the launch, Ricardo Teixeira, CEO of Mobikey East Africa said, “We are delighted to partner with Stanbic Bank Kenya to make our asset financing solutions for our products, that is MAN trucks, Randon trailers, Hyundai Equipment’s and Agri machinery Powertrac more accessible to our clients across Kenya. Their strong presence and solid reputation in the market make them an invaluable ally in our mission to empower enterprises with the assets they need to succeed.“
Bottomline
This partnership is also set to support the revitalization of the MAN brand locally and increase local access to high-quality trucks and trailers.
Mobikey Kenya is a significant entity within Grupo Jap, a distinguished Portuguese conglomerate with substantial investments in zero-mileage vehicle distribution, car rental, heavy machinery, and used car sales. Grupo Jap’s footprint spans multiple African countries, including Kenya, Angola, Mozambique, Uganda, and Tanzania. Mobikey Kenya, known for its excellence in vehicle distribution, currently offers high-quality MAN Trucks and Randon Trailers, with plans to expand its portfolio to include more premium brands.
Source: techmoran.com
