Diamond Trust Bank and Simba Corporation have signed a partnership to enable Small and Medium Enterprises category acquire new Fuso trucks.
The vehicles will be made available with 100 per cent financing under the bank’s motor vehicle financing scheme dubbed ‘Beba Leo’.
The SMEs will be financed to acquire FUSO trucks with a flexible repayment period that enables customers to gradually pay for them without disrupting their cash flow or working capital.
Approval from DTB
Simba Corporation is the largest and sole representative for the distribution and service for a range Fuso trucks including the new FUSO FI and the popular Fuso Canter.
Kennedy Nyakomitta, General Manager in charge of Asset Finance at DTB, said the scheme was developed in a way that would allow the customer to cater to their most pressing needs without any capital outlay.
“This partnership cements our commitment to grow the SME sector. Our decision to bring on board Simba Corporation was inspired by our aim to empower SMEs by giving them choice. Now they can select from a bigger pool the vehicle that best meets their business needs” he added.
“With Beba Leo, the customer will not be required to outlay any cash to get these vehicles. They simply need an approval from DTB after which they can collect the desired vehicle from any Simba Corp distributor across the country,” said Nyakomitta.
Speaking during the signing ceremony, Simba Corporation Chief Commercial Officer Established brands, Ameet Shroff said “Customers want to grow their business to produce more and will only entertain solutions that will enable them to do what is best for them. Our trucks are the best in the market, and we would like all customers to have access to purchase them and have a comfortable payment period”.
“Our new FUSO FI is the best in the market in its category. Its Fuel consumption is exceptional, and it comes with a 4-year warranty,” added Shroff.
Customers will, in addition, receive one-year free Comprehensive insurance cover and enjoy aftersales service from the Simba Corporation outlets across the country.
Apart from the high quality service, they will also be assured of genuine parts from the organisation.
DTB is among banks in Kenya aligning to offer financial literacy to Micro, Small and Medium Enterprises (MSMEs) to boost productivity and efficiency in the sector.
The informal sector in Kenya employs approximately 14.9 million Kenyans and contributes an estimated 28 per cent to the country’s Gross Domestic Product.
In partnership with the Kenya Bankers Association (KBA), the banks are training more than 100 entrepreneurs, each, in the MSME sector.
While it has been hard to get small loans in Kenya for MSMEs, most of those starting businesses rarely have startup business loans. It is even harder even for small business grants to come by forcing many business incubations to either take too long to grow or to die entirely.
In May, DTB announced posting a 9.4 per cent growth in net profit for the first quarter ended March, buoyed by returns from investment in government securities and non-funded revenue.
The Nairobi Securities Exchange (NSE) listed lender closed the period with a Ksh1.97 billion profit after tax compared to Ksh1.80 billion posted last year.
The Group defied a tough operating environment to build customer deposits to Ksh275 billion, while the asset base grew to Ksh370 billion, entrenching the DTB’s position as a leading tier one bank in Kenya and the wider East African region.
