Browsing: NIC Bank

NIC Bank Kenya has signed a Loan Portfolio Guarantee agreement amounting to Ksh 515,900,000  (USD5.1 million) with the African Guarantee Fund for Small and Medium-sized Enterprises (SMEs).

The partnership aims to unlock financing intended to facilitate the promotion, growth and development of SMEs in Kenya.

This comes in the wake of a continued credit crunch in the market, occasioned by the interest rate cap law in the country.

Since the law came into place in 2016, banks have been lending more to the government, shunning the private sector and individuals whom they term ‘high risk borrowers’.

READ:Why high risk borrowers , SMEs in Kenya could get easy loans

Speaking during the partnership launch, AGF Group Deputy CEO Jules Ngankam noted that the objective is to provide partial credit guarantees and capacity development to NIC Bank to stimulate financing of SMEs, thereby unlocking their potential to deliver exclusive growth in …

It targets agricultural,building,construction and waste management sectors in the country

Leading construction and building equipment supplier, Ganatra Plant & Equipment Ltd and NIC bank have partnered to finance purchases of new JCB Back-hoe Loaders in Kenya.

This is in the wake of a credit crunch in the market occasioned by the interest rate cap law, which has lowered the purchasing power of majority of investors.

READ:Why Kenya’s Central Bank has retained minimum lending rate at 9%

The partnership is seeking to reduce the financial load from the customers by offering them flexible financing terms including a cost reduction of 20 per cent.

In the financing partnership signed in Nairobi this week, NIC will offer an 80 per cent financing, thus offering small medium enterprises and corporate organisations the opportunity to acquire the Back- hoe Loader through asset financing.

The move will therefore free up cash that can be directed …

NIC Bank and CMC Kenya have entered a deal for Ford Ranger vehicles

CMC Motors, the sole distributor of the Ford Ranger vehicles, and NIC Bank, have signed a partnership agreement that will see CMC- Ford customers receive up to 95 per cent financing on all Ford ranger vehicles.

The deal is based on a 60-months-repayment plan, the latest in an effort to grow the uptake of commercial motor vehicles in the country.

This promotion scheme will ease the acquisition of Ford Ranger vehicles as customers will be able to enjoy maximum loan tenure of 60 months; 60 days repayment holiday after vehicle release and insurance services arranged through NIC bank.

Speaking in Nairobi during the signing ceremony of the financing deal, CMC Motors Group CEO Noel Mabuma said: “Given the vast expertise in financial services from Al Futtaim, CMC is proud to launch the interest subvention scheme that will …

The portal allows users to quickly request for and receive an instant tender security

NIC Ventures, a subsidiary of NIC Group, in partnership with Masterpiece Fusion have launched an online platform dubbed “BeeDee” for trading of securities, in the wake of a strong demand in trade finance.

The platform offers a more convenient, quick and efficient self-service process for both customers and non – customers seeking to quickly request for and receive bid bonds.

BeeDee portal, is available on mobile devices and web through a mobile phone application and web portal respectively, allowing high availability and mobility since its accessible anywhere and anytime.

James Muigai, NIC Ventures Limited General Manager notes the new online service would offer companies and business entities convenient and fast access to bid bonds for various tenders they bid for since the online process takes few minutes, hence absorbing the delays experienced during the manual bidding …