KENYA – Diamond Trust Bank (DTB) and Toyota Kenya unveiled a partnership to enable Small and Medium Enterprises buy new vehicles. The partnership will allow customers to acquire a car at 100 percent financing from DTB.
Dubbed ‘Beba Leo’ the Motor Vehicle Financing Scheme is meant for SMEs, who will get financing to acquire either the Toyota Hilux or Toyota Rush, with a flexible repayment period.
According to Business Daily, the deal is set to spur the economy further, noting the country’s 6 percent growth during the third quarter of 2018.
According to the Kenyan National Bureau of Statistics, this growth has been supported mostly by increased activity in the sectors of agriculture, manufacturing and construction.
Kennedy Nyakomitta, General Manager in charge of Asset Finance at DTB, said the scheme was developed after assessments of their customers’ pressing needs.
“We have worked with SMEs for a long time and over the years, we have mastered the art of adopting to our customers’ needs to be able to deliver value.
“SMEs and households will not have to outlay any cash to get these vehicles, they simply need the approval from DTB after which they can collect the desired vehicle from Toyota Kenya,” said Mr Nyakomitta.
Mr Nyakomitta said the scheme is one of several arrangements that the bank has to support its SME customers, who are evaluated on the basis of their financial track record and cash flow.
“It is in this spirit that we continue to ensure we offer consumers easier options to purchase top quality, durable and reliable vehicles at an affordable price.
“The Hilux model has got its reputation for offering unrivalled toughness and can be used for personal commuting and commercial purposes” said Joshua Anya General Manager Operations.
“On the other hand, the Rush is an affordable full feature SUV that meets aspiration at the fraction of the cost of importing a used SUV” He added.
The SMEs will, in addition, receive a one-year free Comprehensive insurance cover and enjoy aftersales service from over 29 outlets across the country. They are assured of genuine parts from Toyota Kenya.