Nairobi, Kenya – Tuesday, 28th May 2024: – SBM Bank Kenya has today signed a strategic partnership with Mobikey, a leading asset financing company in East Africa, to provide comprehensive asset financing solutions for businesses in Kenya.

Through a Memorandum of Understanding (MoU), the two institutions will collaborate on customized offerings which will enable businesses to access up to 100% financing for new and used MAN trucks, MAN buses, Powertrac and Hyundai construction equipment.

Speaking during the signing of the MoU, SBM Bank Kenya Director of Corporate Assets, Eric Wambua, said the partnership comes at an opportune time as the country looks to accelerate economic growth through increased investments in key sectors.

“We are proud to partner with Mobikey, a respected player in the movable assets space in East Africa. This collaboration will allow us to offer our customers an unrivaled range of asset financing options to grow and expand their operations as they pursue their financial goals,” Wambua stated.

He noted that the flexible financing options available through Mobikey will encourage increased investments among SMEs and large commercial businesses, for whom access to capital has a marked impact on productivity and continued growth.

“With this partnership, we can empower businesses across key sectors of the economy with the movable assets they need to enhance productivity and competitiveness. Asset financing is a strategic tool for business expansion and we are committed to making it more accessible,” he added.

The asset financing solutions on offer will include financing of up to 100% for new assets and 80% for used assets. Customers will also benefit from a moratorium period of up to 60 days, competitive processing fees and the option to bundle insurance premiums and other costs as part of the loan amount.

The pact targets business owners in logistics, transportation, construction, agriculture, SME and other key sectors of the economy looking to acquire movable assets. Customers seeking personal financing of equipment will also benefit from the flexible terms on offer.

On his part, Mobikey CEO, Ricardo Teixeira, said: “We are delighted to partner with SBM Bank Kenya to make our movable assets more accessible to businesses and individuals across Kenya. Their strong presence and solid reputation in the market make them an invaluable ally in our mission to empower enterprises with the assets they need to succeed.”

He added: “This partnership expands our capacity to serve customers, combining our expertise in asset financing with SBM Bank’s robust financial solutions. We have already seen great synergy in our collaboration and we eagerly anticipate the transformative impact we can have together in enabling business growth and productivity across Kenya.”

Asset financing in Kenya has experienced significant growth as more enterprises move to expand operations while reducing the burden of large capital outlays.

For media inquiries, please contact Lynn Njoroge at lnjoroge@imgkenya.com

About SBM Bank Kenya:

About SBM Bank (Kenya) Limited: SBM Bank Kenya is a leading and trusted financial institution with an international footprint, headquartered in Mauritius and positioned to offer an unprecedented banking experience in Kenya to Retail, SME and Corporate clients.

Following approval by the Central Bank of Kenya, the bank started its operations in Kenya in May 2017 and currently has a branch network of 39 branches countrywide complemented by ATMs, mobile banking, online banking, extensive agency banking services and an available contact centre to match our client base of over 100,000.

Additionally, SBM Bank Kenya operates as an Authorised Depository and as an Authorised Securities Dealer following a license issuance by the Capital Markets Authority. SBM Bank Kenya is regulated by the Central Bank of Kenya.