By KT Reporter
NCBA Bank has partnered with Motorcare Uganda to ease the acquisition of new vehicles in the country.
The partnership enables prospective motorists, both individuals and corporations, to acquire zero-mileage vehicles from their shop with 100 percent financing from the Bank, covering both Electric Vehicles and Combustion Engine vehicles.
Vehicle emissions, especially from ageing motor vehicles, are one of the main pollution of the environment, especially in Kampala, with most of the vehicles more than 20 years old, with the laws limiting the minimum age of imports to 15 years.
Motorcare Uganda deals in new Nissan Vehicles, including EVS.
Under the exclusive asset financing program for customers over the next three months, dubbed “Drive Your Dream Today”, customers can access up to 100 percent financing or only contribute 10 percent of the vehicle’s invoice value as equity, with the remaining amount financed at a competitive interest rate for both Uganda Shillings and US Dollars facilities.
According to Mark Muyobo, CEO of NCBA, the program offers customers a two-month repayment holiday to ease financial strain, allowing them to comfortably transition into their new financial commitment.
To promote EV adoption, reduced financing rates are being offered for electric vehicles.
The program offers flexible repayment options, with terms extending up to six years, tailored to align with customers’ cash flow needs.
Additionally, customers will not be required to pay any processing fees, further reducing the financial burden, while comprehensive insurance for the vehicles is provided at subsidised rates to ensure additional savings.
The vehicles themselves also serve as collateral, reducing the need for additional security.
The promotion targets persons with a monthly income of 5 million or more, catering to individuals who want to upgrade their lifestyle or businesses looking to expand their fleets.
Muyobo says NCBA aims to finance more than 100 vehicles during the promotion period, with a focus on driving increased uptake of asset financing in Uganda.
“We are excited to offer this opportunity to our clients, designed to make vehicle ownership more accessible without draining your cash flows,” he says, adding, “This is a win-win for customers: they get a high-quality vehicle at a discounted price, benefit from manageable installment payments, and enjoy zero processing fees along with a repayment holiday.”
The bank aims to achieve substantial market awareness, targeting over 80 percent top-of-mind recognition and a 50 percent increase in green financing to accelerate EV adoption in Uganda.
“We believe this collaboration will not only provide substantial benefits to individual customers and businesses but also stimulate local investment, contributing to the broader economy,” Muyobo added.
The campaign is expected to stimulate demand for new vehicles, boost local dealership and insurance activity, and further entrench NCBA’s position as a key player in Uganda’s banking and finance ecosystem.
Florence Ssempebwa Makada, Managing Director of Motorcare Uganda, highlighted the environmental and economic rationale behind the campaign.
She said out of the 22,000 vehicles sold annually in Uganda, only about 3,000 are brand new, meaning that 19,000 high-mileage used cars hit Uganda’s roads, contributing significantly to pollution.
She said the goal of the campaign is to convert just 30 percent of that segment—around 7,000 customers—to choose brand new, cleaner vehicles.
“We’re offering something compelling, and the prices are competitive, with an additional 100,000 km of free service, and unmatched reliability. If you’re spending 100 million on a used car, why not get a brand-new one instead, backed by a service guarantee and zero mileage?” she asked.
In January, NCBA established the first privately owned free charging station for EVs at the head office at Twed Towers in Kampala-URN. Give us feedback on this story through our email: kamwokyatimes@gmail.com
