MoU
Stanbic Bank Kenya has signed a Memorandum of Understanding (MoU) with Simba Corporation, a distributor of automotive and asset brands, a partnership which will see the Bank offer comprehensive financing solutions for Simba Corp’s clients, enhancing their access to quality assets in Kenya’s automotive, agricultural, and commercial sectors and consequently boosting business growth.
Aligned to the Bank’s ongoing ‘Unlocking New Horizons’ SME (Small & Medium Enterprises) campaign, which aims to empower businesses by providing flexible and cost-effective financing options, Stanbic Bank Kenya will provide tailor-made financing solutions for Simba Corp’s customers, including vehicle and asset financing, with risk-based pricing and 0 percent facility fees.
In a press statement, Florence Wanja, Regional Head of Business and Commercial Banking at Stanbic, underscored the commitment to this partnership noting that over the years, Stanbic has partnered with Simba Corporation, providing quality assets to its mutual clients.
Denish Kotecha, CEO of Simba Corp (Left), and Renato D’Souza, Head of Commercial Banking at Stanbic Bank Kenya, after the signing of the MoU in Nairobi. This partnership aims to provide innovative financing solutions for SMEs, offering up to 95% coverage of vehicle costs, a 72-month loan tenure, a 60-day grace period, and the option of an unsecured working capital facility of up to Sh 5 million for SME clients.
“This new partnership adds on to our continued relationship and affirms our commitment to offering businesses affordable and innovative financing solutions. By eliminating processing fees and offering competitive terms, we aim to alleviate the financial burden on our customers, especially in a challenging economic environment marked by rising interest rates,” stated Wanja.
She highlighted that this financing partnership offers multiple advantages, including up to 95 percent vehicle cost financing with a loan term of 72 months, a 60-day grace period for the first instalment, access to unsecured loans of up to Sh 5 million for SMEs, and zero facility fees, adding that these benefits provide a competitive edge in the market, opening up new growth opportunities for businesses.
She said that Stanbic Bank will further support Simba Corp’s ventures across various sectors, including agriculture and energy, with an aim to generate value and drive growth in the SME sector.
“At Stanbic Bank Kenya, we remain committed to supporting the growth and development of SMEs, the backbone of Kenya’s economy. Through this partnership, we look forward to unlocking new horizons for businesses and helping them access the assets and resources they need to thrive,” maintained Wanja.
At the same time, Dinesh Kotecha, Group CEO of Simba Corporation, expressed his enthusiasm for the partnership, stating that this collaboration with Stanbic Bank is a significant milestone for Simba Corporation.
Renato D’Souza, Head of Commercial Banking at Stanbic Bank Kenya (on the steering wheel) and Denish Kotecha, CEO of Simba Corp, inspecting an automobile in Nairobi. This partnership aims to provide innovative financing solutions for SMEs, offering up to 95% coverage of vehicle costs, a 72-month loan tenure, a 60-day grace period, and the option of an unsecured working capital facility of up to Sh5 million for SME clients.
“It not only enhances our ability to provide our clients with the best financing options but also reinforces our commitment to driving economic growth in Kenya. Together, we are poised to make a meaningful impact in the automotive, energy and agricultural sectors, ensuring that our customers can access the quality financing and assets they need to succeed,” affirmed Kotecha.
The CEO noted that Simba Corporation’s diverse portfolio offers solutions that cater to various business needs, including power solutions from Colt Power and agricultural machinery from leading global brands Mahindra and SAME Tractors.
“In today’s rapidly evolving economic landscape, our collaboration with Stanbic Bank represents a pivotal step towards empowering businesses through accessible financing solutions. This partnership not only aligns with our commitment to fostering innovation and growth but also underscores a shared vision of supporting the automotive industry in meeting the demands of a competitive market,” re-affirmed Kotecha.
He maintained that by leveraging Stanbic Bank’s extensive financial expertise and industry knowledge, Simba Corporation aims to create a robust framework that facilitates sustainable growth for automotive clients, contributing to the broader economic development of the local and regional markets.