Drive Your Dream Today: NCBA Bank and Motorcare Uganda Partner to Offer Unbeatable Vehicle Financing

NCBA Bank Uganda has joined forces with Motorcare Uganda, the authorised dealer for Nissan vehicles, to launch an exciting three-month asset financing program dubbed “DRIVE YOUR DREAM TODAY.” This groundbreaking initiative aims to make brand-new, zero-mileage vehicles more accessible to both individuals and businesses through discounted prices and flexible financing options.

The program, announced today, offers customers the remarkable opportunity to finance up to 100% of the vehicle cost. According to Mark Muyobo, the Chief Executive Officer of NCBA Bank Uganda, eligible customers can choose to contribute as little as 10% of the vehicle’s invoice value as equity, with the remaining balance financed at competitive interest rates for both Uganda Shilling (UGX) and United States Dollar (USD) facilities.

In a move designed to ease the initial financial burden, the “DRIVE YOUR DREAM TODAY” campaign includes a generous two-month repayment holiday, allowing new vehicle owners to adjust comfortably to their financial commitments. Furthermore, demonstrating a commitment to environmental sustainability, the partnership is offering even more attractive financing rates for electric vehicles (EVs), encouraging their adoption in Uganda.

The collaboration between NCBA Bank and Motorcare Uganda boasts several key benefits for prospective vehicle owners:

• Discounted Prices: Motorcare Uganda is offering reduced prices on their range of Nissan vehicles specifically for this program, making brand-new cars more affordable than ever.
• Flexible Repayment Options: Customers can benefit from repayment terms extending up to six years, tailored to suit their individual cash flow needs.
• Zero Processing Fees: In a significant cost-saving measure, no processing fees will be charged to customers availing themselves of this financing.
• Subsidized Insurance: Comprehensive insurance coverage for the financed vehicles will be provided at subsidised rates, offering additional financial relief.
• Reduced Collateral Requirements: The financed vehicles themselves will serve as the primary collateral, eliminating the need for additional security.

The promotion is specifically targeting income earners with a monthly income of UGX 5 million or more, catering to individuals looking to upgrade their personal transportation and businesses seeking to expand their operational fleets. Mr. Muyobo stated that NCBA Bank aims to finance over 100 vehicles during the campaign period, underscoring their ambition to significantly boost asset financing uptake across Uganda.

“We are thrilled to present this unique opportunity to our valued clients, meticulously crafted to make vehicle ownership a tangible reality without straining their financial resources,” Mr. Muyobo emphasised. “This initiative represents a true win-win scenario for customers – they gain access to high-quality, brand-new vehicles at discounted prices, benefit from manageable instalment plans, and enjoy the added advantages of zero processing fees and a repayment holiday.”

This Asset Finance campaign is a cornerstone of NCBA’s broader strategic objective to establish itself as Uganda’s market leader in asset financing. The bank aims to achieve significant brand recognition, targeting over 80% top-of-mind awareness, and a substantial 50% increase in green financing to accelerate the adoption of electric vehicles nationwide.

“Our partnership with Motorcare Uganda underscores our unwavering commitment to fostering growth within Uganda’s vehicle ownership market,” Mr. Muyobo added. “We firmly believe that this collaboration will not only deliver substantial advantages to individual customers and businesses but also stimulate local investment, thereby contributing to the overall economic prosperity of the nation.”

The “DRIVE YOUR DREAM TODAY” campaign is anticipated to generate significant demand for new vehicles, invigorate local dealership and insurance activities, and further solidify NCBA’s position as a pivotal player in Uganda’s banking and finance sector.

Florence Ssempebwa Makada, the Managing Director of Motorcare Uganda, highlighted the compelling environmental and economic rationale behind the campaign. She pointed out that out of the approximately 22,000 vehicles sold annually in Uganda, a staggering 19,000 are high-mileage used cars, contributing significantly to environmental pollution. The ambitious goal of this campaign, she explained, is to persuade just 30% of that used car market – roughly 7,000 customers – to opt for brand-new, cleaner vehicles.

“We are offering an incredibly compelling proposition, with prices that are highly competitive,” Ms. Makada asserted. “Furthermore, we provide 100,000 kilometers of free service and unparalleled reliability. If someone is considering spending Shs100 million on a used vehicle, why not invest in a brand-new one instead – backed by a comprehensive service guarantee and zero mileage?”

The “DRIVE YOUR DREAM TODAY” campaign is set to run for the next three months, offering a limited-time opportunity for Ugandans to acquire their dream vehicles under exceptional terms.