Stanbic Bank and Mobikey Kenya, a leading player in the zero-mileage vehicle distribution industry and a member of Grupo Jap have signed a Memorandum of Understanding (MoU) set to transform vehicle financing in Kenya. The deal is Mobikey’s first local partnership and mainly focuses on trucks and trailers.
The partnership features a competitive interest rate of 20.17% on a reducing balance, a 0% facility fee and a tenure of up to 48 months.
Stanbic Bank will also offer up to 80% financing for trucks and up to 70% for trailers, subject to credit evaluation.
Stanbic Bank, Head of Commercial Banking, Renato D’souza, says: “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.”
The partnership seeks to support the revitalization of the MAN brand locally.
Mobikey East Africa, CEO, Ricardo Teixeira, said: “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.”
