Login

Lost your password?

Sign Up

Register

Login

Login

Lost your password?

Register

Sunday, May 22, 2022
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion

Africa's
Investment
Gateway

The Exchange
  • Login
  • Register
Subscribe
This Month's Edition
Previous Editions
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
No Result
View All Result
The Exchange
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
No Result
View All Result
The Exchange
LOGIN
www.theexchange.africa

Stanbic Bank Kenya Head of Business and Commercial Clients Florence Wanja (l) and Group CEO CMC Motors Kenya, Allan Crossan (r). Photo: Stanbic Bank.

Kenya: Stanbic Bank, CMC Motors partner to offer financing for Ford vehicles

The partners said the deal would enable clients to access competitive and flexible financing solutions for Ford vehicles in Kenya

by Wanjiku Njugunah
March 16, 2022
in Business, Investing, Kenya
0
Share on FacebookShare on LinkedIn
  • CMC Motors Group has partnered with Stanbic Bank to introduce ‘Ford Finance’ to enable clients to access competitive and flexible financing solutions for Ford vehicles in Kenya
  • The partnership will see the Ford Motor Company, CMC Motors Group Limited, Stanbic Bank Kenya and Standard Bank of South Africa partner to enable clients within Kenya to afford new Ford units
  • CMC Motors Group CEO Alan Crossan said the initiative comes when the economy is steadily recovering from the harsh effects of the Covid-19 pandemic

Kenya’s CMC Motors Group has partnered with Stanbic Bank to launch ‘Ford Finance’ to enable clients to access competitive and flexible financing solutions for Ford vehicles in Kenya.

The partnership will see the Ford Motor Company, CMC Motors Group Limited, Stanbic Bank Kenya and Standard Bank of South Africa come together to enable clients within Kenya to afford new Ford units.

Speaking at the Partnership launch, CMC Motors Group CEO Alan Crossan said the initiative comes when the economy is steadily recovering from the harsh effects of the Covid-19 pandemic.

“This will be a sigh of relief as the facility will enable customers to enjoy interest rates as low as 10.71% and comfortable repayment tenures of up to 60 months with no collateral required to access the asset.”

Stanbic Bank Kenya Head of Business and Commercial Clients, Florence Wanja, said the deal would enable Kenyans to acquire brand new vehicles at affordable pricing and flexible financing options.

“This partnership will be important in enabling our clients to gain access to new units that will give them service for longer with less downtime, increasing productivity.”

The partnership will see customers access financing for Ford units and enjoy interest rates as low as 10.71 per cent on a reducing balance basis for up to 60 months.

Under the deal, clients will also access insurance financing through Stanbic Bank’s unique bundled product that enables customers to spread their insurance cover over the entire tenure of the vehicle finance.

The partnership will offer clients lower monthly loan repayment amounts, making brand new units affordable to them.

www.theexchange.africa
From left: Sales Manager CMC Kenya Robert Gichuki, Group CEO CMC Motors Kenya, Allan Crossan, Stanbic Bank Kenya Head of Business and Commercial Clients, Florence Wanja, and Stanbic Bank Kenya Head of Banking, Kennedy Muthama.

The CMC Motors Group was in 2014 acquired by the Al Futtaim Group, the leading automotive conglomerate based in Dubai, and is the authorized Ford dealer in Kenya. The Ford Motor Company, through CMC Motors, will offer reduced pricing for their Ford units to make the proposition even more attractive to their clients.

Stanbic Bank Kenya said it expects the partnership to empower businesses to achieve their intended goals by availing necessary assets to implement their business plans.

Stanbic partners with MHH International 

In a related story, Stanbic Bank Kenya recently entered into an import financing partnership with two leading motor-vehicle importers in Kenya, MHH International Limited and World Navi Company Limited.

On March 2, 2022, the bank sealed the agreements, allowing customers to get up to 80% financing through Stanbic Bank with a 20% deposit being paid to the importers, and a payment period of up to four-year.

Head of High Net Worth and Affluent Clients at Stanbic Bank Kenya Aliya Khanbhai said that by partnering with MHH International and World Navi, the bank hopes to make it easier for their clients to access quality vehicles from overseas markets.

“This will enable them to access a wider pool of vehicles to ensure that the vehicle they settle on fully meets their specifications. We want our clients to get the exact vehicle they desire and would like to offer them a painless and seamless experience during the acquisition journey.”

Under the deal, customers will be able to source vehicles from the UK, Japan or Australia, with MHH International offering end-to-end service from sourcing to delivery of the vehicle.

The dealer also offers one clear price, which includes all the costs associated with the purchase, from sourcing of the vehicle to delivery.

Through the partnership with World Navi Company, importers will source and ship the vehicles, making it easier for clients to access the cars directly from Japan.

Through World Navi, the customers can buy vehicles from the Japanese used car auction, where over 100,000 vehicles are put up for auction every week.

The General Manager at World Navi Company Ltd, Stanley Makombe, said they intend to assist clients in choosing from a wide array of assets.

“We promise to offer our clients assets in great condition, at affordable prices and within quick delivery times,” Makombe said.

Tags: CMC Motors GroupFord VehiclesKenyaStanbic Bank KenyaVehicles financing

STATE OF ECONOMY - GET THE REPORT

ASSESSING EAST AFRICA

Loading...

Wanjiku Njugunah

Wanjiku Njuguna is a Kenyan-based business reporter with experience of more than eight years.

Related Posts

Six African nations launch the Africa Green Hydrogen Alliance. www.theexchange.africa
Investing

Renewable energy: Six African nations launch the Africa Green Hydrogen Alliance

May 20, 2022
South Africa retailer Pick n Pay to cut US$187 million in costs in 3 years www.theexchange.africa
Investing

South Africa retailer Pick n Pay to cut US$187 million in costs in 3 years

May 20, 2022
Kenya and Tanzania economic gains from friendly diplomatic relations. www.theexchange.africa
Investing

Kenya and Tanzania: Economic gains from ‘relaxed’ diplomatic stance

May 19, 2022
Next Post
African leaders when they met to deliberate on the AfCFTA ooerationalistaion in 2018. www.theexchange.africa

Africa: The pros and cons of the world's largest free trade area

Gran Melia Opens New Hotel in Tanzania. www.theexchange.africa

Investment required to boost domestic tourism in Tanzania

Leaders of the Africa Investment Forum and stakeholders at a 2019 investment meeting. www.theexchange.africa.com

Africa shifting to private sector led development

Please login to join discussion




This months edition

May Edition

Features

EdTech role in African development
Tech & Business

EdTech’s role in African development

by Kanyali Muthui
May 16, 2022
0

Due to the pandemic, the topic of innovation in education has never been more crucial.  While most developed countries moved...

Read more
investment in African science and technology
Tech & Business

Investing in Africa’s science and technology: Where are we now?

by Kanyali Muthui
May 16, 2022
0

The continent’s digital revolution can largely be driven by building the necessary skills for the short- and long-term future, and...

Read more
Fintech revolution in Africa
Tech & Business

The Fintech Revolution in Africa’s FX Markets

by Kanyali Muthui
May 11, 2022
0

With over 548 million registered mobile money users in sub-Saharan Africa, increased internet access and readily available mobile money solutions,...

Read more
www.theexchange.africa
Countries

US – Nigeria Trade Relations: An Overview

by Wanjiku Njugunah
May 2, 2022
0

Nigeria is currently the United States' 54th largest goods trading partner, with US$7.8 billion in total goods trade as of...

Read more
A previous conference for African Insurtech sector. The Insurtech boom is deepening insurance uptake in Africa. www.theexchange.africa
Tech & Business

Insurtech boom deepening the uptake of insurance in Africa

by june njoroge
May 2, 2022
0

Kenya-based Pula is another distinguished insurtech making waves in the continent. It provides small scale farmers with agricultural insurance and...

Read more

News

Banking
Industry & Trade
Investing
Money Deals
Regional Markets
Tech & Biz
Opinion

Countries

Kenya
Tanzania
Uganda
Burundi
Rwanda
Southern Africa
Ethiopia

More

My Account
Contact us
Advertise
About us
Help Center

Subscribers Center

E-paper
Premium Stories
Education Rates
Corporate Subscriptions
Weekely Newsletter

  • My account
  • About us
  • Advertise
  • Contact
  • Privacy Policy
  • Refund Policy – The Exchange
  • Sitemap

No Result
View All Result
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
  • Login
  • Sign Up
  • Cart

© 2021 The Exchange - Powered by MediapixManaged by Supported by Digihandler,

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In