NCBA Bank Kenya has entered a new partnership with Mobikey Truck & Bus Limited to offer better asset financing options to Kenyan businesses, especially those in construction, logistics, agriculture, and education sectors.
The deal will help customers acquire new and used heavy-duty vehicles and machinery, including MAN trucks, MAN buses, Randon trailers, and Hyundai construction and mining equipment. Under the agreement, NCBA will provide up to 100% financing for new assets and up to 80% for used ones.
Customers will also enjoy a 60-day grace period before repaying their loans, competitive processing fees, and the opportunity to combine insurance and other costs into the loan package.
The partnership was unveiled in Nairobi during a signing ceremony attended by top officials from both organisations. Mr. Lennox Mugambi, NCBA Group Director for Asset Finance and Business Solutions, said the bank is responding to the country’s need for economic recovery and growth through investments in critical areas.
According to the 2025 Economic Survey by the Kenya National Bureau of Statistics (KNBS), the construction sector’s contribution to the country’s GDP dropped from 7.1% in 2020 to 6.3% in 2024. Similarly, the land transport sector declined from 11.4% in 2022 to 10.8% in 2024.
This slowdown has been worsened by a serious cash crisis in the construction sector. The 2024 Auditor General’s report revealed that over 51% of all government pending bills are linked to construction projects. These unpaid bills have made it harder for contractors and businesses to access the funds they need to invest in new equipment and expand operations.
Mr. Mugambi said the financing options from NCBA and Mobikey will make it easier for both small and large companies to access capital, especially those struggling with cash flow. He noted that having the right equipment can improve productivity and business growth.
“Through this partnership, NCBA is actively addressing the challenge of limited access to capital. By providing flexible financing solutions for contractors, logistics companies, and other businesses, we are empowering enterprises to grow and contribute to the country’s economic progress,” he said.
He also noted that the benefits of the partnership will extend beyond construction and transport. For instance, farmers will be able to access modern machinery to improve their operations, which will help reduce post-harvest losses and improve food distribution. Similarly, schools that acquire MAN buses will enhance student mobility, reach more communities, and create better learning experiences.
The financing offer is open to a wide range of customers, including SMEs, logistics firms, construction companies, educational institutions, and even individuals who want to acquire transport and construction equipment.
Mobikey CEO, Mr. Ricardo Teixeira, described the partnership as a major step forward in enabling business growth in Kenya. He said the two firms had already seen strong cooperation in the early stages of the partnership.
“This collaboration allows us to expand our capacity to serve customers better. We are confident that by combining Mobikey’s expertise in asset provision with NCBA’s financial solutions, we can support Kenyan businesses in a big way,” he said.
The new deal is part of NCBA’s broader strategy to support business growth across key sectors of the economy. The bank has been investing heavily in asset finance, especially for capital-intensive sectors that need strong support to navigate current economic challenges.
As Kenya continues to focus on infrastructure development and economic recovery, such partnerships are expected to play a vital role in boosting investments and job creation, particularly for small and medium-sized enterprises.
