NIC Bank has renewed its partnership with Simba Corporation Ltd to offer individuals and small and medium enterprises (SMEs) a unique financing opportunity.
Under the new arrangement, Simba Corp customers will be able to get up to 95% financing from NIC Bank on purchase of Mitsubishi vehicles. The deal will also see customers enjoy a comfortable 60-day repayment holiday.
Speaking during the official signing ceremony, Simba Corp Group Chief Executive Officer Dinesh Kotecha emphasised that partnerships are in line with the firm’s strategic agenda aimed at growing its foot print and increasing its customer base by offering solutions that will help the customers.
“There is need to look at our customer base and understand their needs. Our customers want to grow their business, and us giving them financing solutions that will enable them to achieve their goals. Our trucks are the best in the market and we would like all customers to have access to purchase them and have a comfortable repayment period. This will grow our customer base even as the customers grow their businesses” said Kotecha.
NIC Bank’s Executive Director Alan Dodd said: “This offering presents a strong value proposition to customers who are keen on expanding their businesses and buying new assets but face strained cash flows due to the difficulties we experienced last year. Through this partnership we will further cement our position as the leading bank in asset finance in the country, a well-known heritage, as well as enable us to reach out to new markets, especially the areas of Malindi, Watamu, Kilifi and Diani, where we have recently opened branches.”
Data indicates that sales of heavy commercial vehicles still account for about 26.8% of the market share and it is believed that construction projects in the country will fuel sales in the heavier segments in coming days.
Mitsubishi Fuso Truck and Bus Corporation (MFTBC), one of Asia’s leading commercial vehicle manufacturers, cooperating with Daimler India Commercial Vehicles Pvt. Ltd. (DICV) under the umbrella of Daimler Trucks Asia (DTA) has for decades worked with Simba Colt the official distributor of Fuso Trucks in Kenya in building trucks that meet the needs of the local consumers.