KENYA – Family Bank, a commercial bank, and World Navi, a leading Japanese exporter of used units to Africa and Europe, have signed a deal that will see customers access up to 80 per cent asset financing and 100 per cent import duty financing as they import second hand vehicles.
In addition, customers will also enjoy guaranteed 90-day warrant on the imported vehicle and car valuation, tracking and comprehensive insurance upon arrival of the vehicle.
“As a key player in enhancing access to capital, we are always exploring strategic partnerships that we can mutually leverage and provide opportunities of growth to our customers,” said Family Bank Chief Financial Officer Stephen Karumbi.
“As a Bank, through this partnership, we aim to ease the high costs that come with car importation through access to affordable financing and provide a seamless importation process,” he added.
“This partnership will see customers directly importing vehicles get assured guarantee of quality through physical inspection, quick shipment through robust shipping plan, warrant guarantee on engine transmission and genuine mileage and accident -free certification for all cars,” said World Navi Managing Director Yoshifumi Sawada.
With the inking of the deal, customers will get up to 80 per cent financing through Stanbic Bank with 20 per cent deposit being paid to the importers, and a payment period of up to four-years.
The deal was expected to make it easier for customers to source vehicles from the UK, Japan, or Australia with MHH International offering end-to-end service from sourcing to delivery of the vehicle and offering an additional three-month warranty.
In 2019, World Navi partnered with Co-operative Bank to launch a financing scheme to enable Kenyans to import second-hand cars.
The partnership was guaranteeing a safe and reliable vehicle importation including three months warranty on the engine & transmission, accident free & genuine mileage certificates and zero risk of stolen parts or non-performance.