NCBA Bank has teamed up with Motorcare Uganda and ICEA Insurance Company to offer an exclusive asset financing program for customers over the next three months.
The initiative is designed to enable both individuals and businesses to own brand-new, zero-mileage vehicles at discounted prices, with financing covering up to 90% of the vehicle cost.
According to Mark Muyobo, CEO of NCBA, customers only need to contribute 10% of the vehicle’s invoice value as equity, with the remaining amount financed at a competitive interest rate of 19% for Shilling facilities and 10% for USD facilities. The program offers customers a two-month repayment holiday to ease financial strain, allowing them to comfortably transition into their new financial commitment.
Key features of the partnership include discounted prices through Motorcare Uganda, making it easier for customers to acquire new vehicles at competitive rates. The program offers flexible repayment options, with terms extending up to five years, tailored to align with customers’ cash flow needs.
Additionally, customers do not pay any processing fees further reducing the financial burden, while comprehensive insurance provided by ICEA at subsidized rates ensures additional savings. The vehicles themselves also serve as collateral, reducing the need for additional security.
The promotion targets income earners with a monthly income of Shs 7 million or more, catering to individuals who want to upgrade their lifestyle or businesses looking to expand their fleets. According to Muyobo, NCBA aims to finance more than 100 vehicles during the promotion period, with a focus on driving increased uptake of asset financing in Uganda.
“We are excited to offer this opportunity to our clients, designed to make vehicle ownership more accessible without draining your cash flows. This is a win-win for customers—they get a high-quality vehicle at a discounted price, benefit from manageable installment payments, and enjoy zero processing fees along with a repayment holiday,” said Muyobo.
The Asset Finance campaign forms a critical part of NCBA’s broader strategy to establish itself as the leader in asset financing in Uganda. The bank aims to achieve substantial market awareness, targeting over 80% top-of-mind recognition and driving a 60% increase in website traffic and lead conversion.
“The partnership with Motorcare Uganda and ICEA signals our commitment to fostering growth in Uganda’s vehicle ownership market. We believe this collaboration will not only provide substantial benefits to individual customers and businesses but also stimulate local investment and create job opportunities, contributing to the broader economy,” Muyobo added.
