Introduction
Stanbic Bank and Mobikey Kenya, a leading zero-mileage vehicle distributor, have signed a Memorandum of Understanding (MOU) to revolutionize vehicle financing in Kenya. This partnership aims to make vehicle financing more accessible and affordable, particularly for trucks and trailers. The MOU features an attractive interest rate of 20.17% on a reducing balance, a 0% facility fee, and a financing tenure of up to 48 months. These terms are designed to ease the financial burden on customers, making high-quality vehicles more attainable.
Financing Offers
Stanbic Bank will provide up to 80% financing for trucks and up to 70% for trailers, subject to credit evaluation. This substantial financing support is expected to open up vehicle ownership to a broader range of customers across Kenya.
Renato D’souza, Head of Commercial Banking at Stanbic Bank, expressed enthusiasm about the partnership, stating, "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."
Mobikey Kenya’s Perspective
Ricardo Teixeira, CEO of Mobikey East Africa, highlighted the strategic importance of the partnership, saying, "We are delighted to partner with Stanbic Bank Kenya to make our asset financing solutions for our products 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."
Impact on the Automotive Industry
The partnership is set to support the revitalization of the MAN brand locally, increasing access to high-quality trucks and trailers. This initiative is expected to drive significant growth in the local vehicle market, benefiting both consumers and the broader economy.
Mobikey Kenya, a key player within Grupo Jap, plans to expand its portfolio to include more premium brands. Currently, the company offers high-quality MAN Trucks and Randon Trailers and is looking to introduce Hyundai equipment and Agri machinery, including Powertrac, to the Kenyan market.
About Mobikey Kenya and Grupo Jap
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. Mobikey Kenya’s excellence in vehicle distribution is well recognized, making it a trusted partner in this new venture.
Grupo Jap’s African Footprint
Grupo Jap has a strong presence in multiple African countries, including Kenya, Angola, Mozambique, Uganda, and Tanzania. The group’s extensive experience and robust market strategies are expected to play a crucial role in the success of this new partnership with Stanbic Bank.
