The Diamond Trust Bank (DTB) has announced a new partnership with the official distributor of the Nissan brand in Kenya, Crown Motors Group, that will see the bank offer motor vehicle financing under a scheme dubbed ‘Beba Leo’. The program targets small and medium-sized enterprises across the country.
Under the program, SMEs will receive 100% financing over 60 months to acquire new vehicles that will be used for their businesses. The vehicles will also receive comprehensive insurance cover
According to a world bank report, Small and Medium Enterprises (SMEs) play a major role in most economies, particularly in developing countries. SMEs account for the majority of businesses worldwide and are an important contributor to job creation and global economic development.
Micro and small enterprises (MSEs) make a substantial contribution to livelihoods and inclusive growth in Kenya. They account for 24% of the country’s gross domestic product (GDP), over 90% of private sector enterprises and 93% of the total labour force in the economy.
Comments from DTB and Crown Motors:
Speaking during the MOU signing, Dr. Kennedy Nyakomitta, DTB’s General Manager in charge of Asset Finance said, “Despite providing a huge share of global employment, SMEs still face major challenges when it comes to raising capital for their businesses and accessing funds to grow their business potential.”
“The partnership with Crown Motors demonstrates our commitment to walking the journey with our customers as we provide them with customized, flexible, and integrated banking solutions. SMEs will not have to outlay any cash to get these vehicles, they simply need approval from DTB after which they can collect the desired vehicle from Crown Motors” he added.
Speaking on the new partnership, Maliha Sheikh, the National Sales Manager for Crown Motors Group said, “Kenya is one of Nissan’s oldest markets, with over 60 years of presence in the market, our vehicle models speak to the Kenyan people. This new partnership will strengthen our efforts to offer affordable and accessible mobility solutions to a diverse set of valued DTB customers.”
Earlier in the month, Crown Motors Group unveiled its latest SUV model into the Kenya Market. The Nissan Magnite will seal Nissan’s commitment to the Kenyan Market in the very competitive segment of sub-compact SUVs.