(Xinhua) -- NIC Bank has renewed its partnership
with Simba Corporation Ltd to offer individuals and small and
medium enterprises (SMEs) a unique financing opportunity.
Under the new arrangement, Simba Corp
customers will be able to get up to 95% financing from NIC Bank
on purchase of Mitsubishi vehicles.
The deal will also see customers enjoy
a comfortable 60-day repayment holiday.
Speaking during the official signing
ceremony, Simba Corp Group Chief Executive Officer,
Dinesh Kotecha emphasized that partnerships are in line
with the firm’s strategic agenda aimed at growing its
foot print and increasing its customer base by offering
solutions that will help the customers.
“There is need to look at our customer
base and understand their needs.
“Our customers want to grow their
business, and us giving them financing solutions
that will enable them to achieve their goals.
“Our trucks are the best in the market
and we would like all customers to have access to
purchase them and have a comfortable repayment
“This will grow our customer base even
as the customers grow their businesses, “said
Simba Corp Chief Executive Officer, Dinesh Kotecha shake
hand with NIC bank Executive Director, Alan Dodd after
signing a financing deal between the two organizations.
Under the arrangement, Simba Corp customers will be able
to get up to 95 per cent financing from NIC Bank on
purchase of FUSO Trucks and Mitsubishi Pick Ups. The
deal will also see customers enjoy a comfortable 60-day
NIC Bank’s Executive Director, Alan
Dodd, said, “This offering presents a strong value proposition
to customers who are keen on expanding their businesses and
buying new assets but face strained cash flows due to the
difficulties we experienced last year.
“Through this partnership we will
further cement our position as the leading bank in asset
finance in the country, a well-known heritage, as well as
enable us to reach out to new markets, especially the areas
of Malindi, Watamu, Kilifi and Diani, where we have recently
Data indicates that sales of heavy
commercial vehicles still account for about 26.8 per cent of the
market share and it is believed that construction projects in
the country will fuel sales in the heavier segments in coming
Mitsubishi Fuso Truck and Bus
Corporation (MFTBC), one of Asia’s leading commercial vehicle
manufacturers, cooperating with Daimler India Commercial
Vehicles Pvt. Ltd. (DICV) under the umbrella of Daimler Trucks
Asia (DTA) has for decades worked with Simba Colt the official
distributor of Fuso Trucks in Kenya in building trucks that meet
the needs of the local consumers.