NCBA Bank Uganda launches vehicle financing campaign

In Summary
  • NCBA will finance up to 80% of the cost of the vehicle
  • The campaign will run for three months
Mr. Mark Muyobo, CEO, NCBA Bank
Image: NCBA

NCBA Bank Uganda, ICEA Insurance and World Navi Co. Ltd, a company that importer and exporter motor vehicles, have launched an exciting campaign that offers customers an opportunity to import new and used vehicles of their choice at subsidized prices.

Mr. Mark Muyobo, CEO, NCBA Bank said the three-month campaign will see all purchased cars come with Accident-Free and Genuine mileage certificates and 3 three-month warranty on the engine and transmission.

“This is an important partnership because we are coming together as strong partners in financing the motor vehicle and insurance industry to be able to provide solutions to the local customer who has suffered around financing, quality of the products they bring, and the challenges around bringing the product in Uganda.” He added.

“As NCBA, in this partnership, we are financing up to 80% of the cost of the vehicle, we are also giving a two-month grace period on repayment of the vehicle but also not charging any arrangement fees during this campaign period,” He noted

Mr. Muyobo assured their customers that the vehicles would be insured right from order to delivery in Uganda.“We also ensure that there is a warrant on the vehicle. If you want it, we will ship, finance, and insure it.

”Ambrose Kibuuka – CEO ICEA Lion Insurance Uganda noted that the car uptake in Uganda is very high thus their coming on board to offer security.“One of the symbols of success for a Ugandan is to be able to buy a car and because of heavy investment in a vehicle, it only makes sense to protect that investment by taking insurance.”

He said that the coverage under this arrangement is not only motor comprehensive insurance which many are familiar with but also includes marine insurance.

“We are on a campaign as insurance sector players to thrive higher uptake of motor comprehensive insurance and also implementation of the localization marine insurance.”He added, “So, the products we are insuring in this partnership are directly in line with our intention – to drive to comprehensive insurance and move people from simply taking 3rd party insurance to now have an experience where they are fully secured – if their asset is lost in an accident, or theft, they are able to be compensated and order another vehicle through our partners.

”Through this campaign, NCBA Bank aims to give its customers a festive season to remember by making it possible for them to import that dream car, hassle-free.