NCBA, Salvador Caetano Partner on EV Financing Scheme
NCBA Bank and Salvador Caetano Kenya Limited have signed a financing agreement covering both ICE vehicles and electric models, as Kenya's asset finance market leader deepens its sustainable mobility push.
NCBA Bank has signed a Memorandum of Understanding with Salvador Caetano Kenya Limited, one of East Africa’s leading automotive distributors, introducing a structured asset financing scheme covering a range of passenger and commercial vehicles, including electric vehicles (EVs).
The partnership extends NCBA’s dealer financing ecosystem and positions the bank to capture growing demand for EV financing as Kenya’s cleaner mobility market develops.
Customers purchasing EV models, including the KIA EV6, Hyundai IONIQ 5, and Hyundai Kona EV, will access financing of up to 90%, with repayment periods of up to 60 months.
For conventional ICE vehicles, the scheme offers financing of up to 100% for personal units and up to 95% for commercial vehicles, with repayment periods of up to 84 months and discounted processing fees. The scheme targets retail customers, SMEs, corporate fleet buyers, logistics operators, and organisations looking to transition to greener fleet solutions.
NCBA Group Director for Asset Finance and Business Solutions, Lennox Mugambi, cited the bank’s dominant position in hire purchase, holding a 35.4% market share as of April 2026, as a foundation for scaling the partnership’s reach.
“This collaboration with Salvador Caetano Kenya Limited places customers at the centre of practical, flexible financing solutions that make vehicle ownership more accessible and aligned to their needs today and into the future,” Mugambi said, adding that NCBA remains committed to “accelerating Kenya’s transition towards sustainable mobility.”
Salvador Caetano Kenya Limited Managing Director Aurélien Glay said integrating financing directly into the customer journey would improve affordability at the point of sale. “We are particularly excited about supporting the adoption of electric vehicles as the market steadily evolves towards greener transportation,” he said.
The partnership covers vehicles from globally recognised brands distributed by Salvador Caetano Kenya, including Hyundai, Kia, Ford, JMC, and Chery.
The MoU comes as Kenya records rising interest in both flexible vehicle ownership models and cleaner transportation alternatives, with EV uptake constrained in part by limited access to structured financing.
Go to ECONEWS.co.ke for more sustainability news from the African continent and across the world.
Follow us on WhatsApp, Telegram, Twitter, and Facebook, or subscribe to our weekly newsletter to ensure you don’t miss out on any future updates. Send tips to editorial@techtrendsmedia.co.ke
