NCBA celebrates financing of over 4000 vehicles, sets aside Sh2b for emobility

NCBA Group Managing Director John Gachora (right) and Deputy Director Asset Finance James Karinga (left) pose with Johari Awards overall winner John Ngugi. [Courtesy]

NCBA group had financed over 4000 vehicles amounting to Sh17 billion as of October 2023, NCBA Group Managing Director John Gachora said.

Speaking at a gala dinner to celebrate winners in different categories dubbed Johari Awards, Mr Gachora affirmed the impact of asset finance on Kenya's economic growth. During the event, NCBA awarded dealers, insurance agencies and brokers for their contribution.

The winners were recognised in asset finance sales, top sales representative, longest-serving sales representative, and asset financed booked (used units) among others.

NCBA commands a market share of 34 per cent. Mr Gachora said investment in asset finance goes hand in hand with the development of the transport sector which contributes 8.3 per cent to Kenya's gross domestic product (GDP).

"Through our asset finance offerings, different sectors can modernise their practices and industries are more financially flexible to allow technical advancements. These aspects allow businesses to stay competitive in a rapidly evolving landscape," he said.

"A well-developed asset finance ecosystem signals a favourable business environment for investors. Providing access to financing for necessary assets creates a ripple effect that benefits stakeholders all around. Suppliers, distributors, and service providers are enabled to expand in new assets, leading to increased demand in labour."

While recognising the excellence and innovation in asset finance, Mr Gachora said that the Johari Awards serve as a powerful motivator.

Group Director of Asset Finance Lennox Mugambi, noted that NCBA has set aside Sh2 billion for financing of electric vehicles as part of their sustainability plans.

"As a corporate institution, we have set up two charging stations, and our plan is to ensure that as electric mobility takeup continues, we extend our charging stations to other areas," Mugambi said.

Noting that close to 1,500 electric vehicles have been registered - mostly used electric cars from export markets like Japan, he said they are open to new investors bringing in new electric cars.