July 18, 2024

Stanbic Bank and Mobikey Kenya Partner to Boost Vehicle Financing

Stanbic Bank and Mobikey Kenya Partner to Boost Vehicle Financing

Stanbic Bank and Mobikey Kenya, a leading player in the zero-mileage vehicle distribution industry, have joined forces to revolutionize vehicle financing in Kenya, particularly for trucks and trailers.

This landmark partnership, marked by a Memorandum of Understanding (MOU), signifies Mobikey’s first local collaboration and aims to make financing more accessible and affordable, particularly for trucks and trailers.

The agreement offers a compelling package for potential customers. Stanbic Bank will provide a competitive interest rate of 20.17% on a reducing balance, eliminating facility fees and allowing for financing terms up to 48 months.

Additionally, they will offer substantial financing, covering up to 80% of the cost for trucks and 70% for trailers, subject to credit approval. These factors are expected to significantly increase access to high-quality vehicles for a wider range of Kenyan customers.

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Expressing his enthusiasm about the partnership during the MOU signing, Renato D’souza, Head of Commercial Banking at Stanbic Bank, highlighted the potential benefits.

“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.”

Ricardo Teixeira, CEO of Mobikey East Africa, echoed the sentiment, expressing his delight at partnering with Stanbic Bank.

“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.”

The partnership extends beyond just financing options. It is also expected to revitalize the MAN brand locally, giving Kenyan businesses greater access to high-quality trucks and trailers.

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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.

For any inquiries or to learn more about this exciting partnership, the stanbic bank customer care department can be reached through the stanbic bank contacts at (0711) 068 888 or (020) 326 8888. Alternatively, you can send them an email at customercare@stanbic.com.