NCBA and Car & General Partner to Boost Access to Asset Financing for SMEs
NCBA has entered a strategic partnership with Car & General, a leading East African supplier of power equipment, automotive, and engineering products. This move marks a key milestone in NCBA’s goal to offer more accessible and customer-focused asset finance solutions to Kenyans.
Through this partnership, customers can now access up to 90% financing for equipment, with flexible repayment terms of up to 60 months. In addition, buyers will benefit from a 60-day grace period after receiving the equipment—allowing them to begin using the asset before making any payments.
Speaking during the MoU signing ceremony, Lennox Mugambi, NCBA Group Director for Asset Finance and Business Solutions, said,
“In today’s competitive asset finance market, customers have many options. What sets NCBA apart is not just access to financing, but the strength of our partnerships, ease of access, and the customer-first design of our financial solutions.”
The timing is strategic. Kenya’s plant and machinery sector is growing fast, fueled by demand in construction, agribusiness, transport, and manufacturing. With the sector projected to grow by over 10% annually, access to affordable equipment is becoming a key driver of business growth.
Yet, many SMEs still face steep barriers to financing—mainly due to high upfront costs and strict collateral requirements. NCBA’s offer to finance up to 90% without demanding additional collateral beyond the equipment itself lowers this hurdle significantly.
Mr. Mugambi added,
“The construction industry contributed 6.3% to Kenya’s overall GDP growth of 4.7% in 2024, even though credit to the sector declined. However, Nairobi’s approved private building plans rose slightly to KES 221.6 billion, indicating sustained investor interest. This partnership helps developers and contractors stay on track despite tighter credit conditions.”
Car & General CEO Vijay Gidoomal echoed the significance of the partnership:
“Our mission to deliver value to customers aligns with NCBA’s vision of empowering every level of society through thoughtful finance. This collaboration directly supports SMEs and MSMEs—helping them grow without the burden of restrictive loan terms.”
With Car & General’s widespread footprint across East Africa and NCBA’s robust financial offerings, this partnership aims to remove barriers and equip businesses with the tools they need to scale and succeed in a tough but promising market.
Follow us on Twitter and Facebook for more updates.
Also read: OPPO Kenya to Launch Reno14 Series on July 24: Nature-Inspired Design Meets Flagship Power
