Stanbic Bank Kenya has facilitated a major fleet acquisition deal, enabling Vivo Energy Kenya to secure 69 state-of-the-art Hyundai Tucson SUVs for its sales teams. This milestone partnership brings together RentWorks East Africa, Caetano Kenya, and Heritage Insurance, ensuring the seamless acquisition, maintenance, and insurance of the fleet.
Stanbic Bank’s Role in Fleet Financing
The 48-month financing agreement underscores Stanbic Bank Kenya’s commitment to supporting businesses through tailored asset financing solutions. Speaking at the official handover ceremony, Dr. Joshua Oigara, Chief Executive of Stanbic Bank Kenya and South Sudan, highlighted the significance of this collaboration.
“At Stanbic Bank, we take a value-based approach to supporting our clients. Leveraging our expertise, financial capabilities, and reach, we are intentional about connecting our clients to the right partners and solutions that meet their needs efficiently and sustainably. This partnership reflects our financial capability and continued focus on building ecosystems that benefit our clients. We are proud to be at the forefront of vehicle asset financing and leasing in Kenya and remain committed to fostering our relationship with all partners for continued growth,” said Dr. Oigara.
Stanbic Bank’s involvement reinforces its position as a key financial partner in Kenya’s vehicle asset financing sector, helping businesses acquire essential assets despite current economic challenges.
Vivo Energy Kenya’s Strategic Partnership
Vivo Energy Kenya, the official Shell fuel and lubricants distributor in the country, emphasized the importance of this partnership in enhancing its operational efficiency. According to Managing Director Mr. Peter Murungi, the deal ensures business continuity while prioritizing safety.
“Today, we are entering into a strong business partnership that has enabled us to access 69 high-quality vehicles, which will enhance our operations at Vivo Energy Kenya. The collaboration includes RentWorks East Africa, through whom we are acquiring the vehicles, Caetano Kenya, who will manage the maintenance, Stanbic Bank, our financing partner, and Heritage Insurance, who will provide comprehensive coverage. These vehicles meet all our company safety requirements, including the installation of OBCs and cameras, prioritizing the safety of our staff,” said Mr. Murungi.
With its nationwide footprint, Vivo Energy Kenya’s acquisition of these 2025 Hyundai Tucson SUVs aims to streamline operations, improve logistical efficiency, and ensure the mobility of its sales teams across Kenya.
Caetano Kenya and Hyundai’s Growing Influence
Caetano Kenya, the authorized Hyundai dealer in Kenya, successfully delivered the 69 units of the 2025 Hyundai Tucson, further solidifying Hyundai’s growing presence in the local automotive market.
“Our ability to support large-scale projects such as this one is a testament to the strength and reach of the Caetano Group,” said Aurelien Glay, Managing Director of Caetano Kenya. “We are proud that despite the current market challenges, we have delivered a fleet that meets the high standards of a company as respected as Vivo Energy Kenya.”
The deal marks a milestone for Caetano Kenya, as noted by Silvanus Wambua, Fleet Sales Manager, who described it as the largest fleet acquisition in Caetano’s history and proof of Hyundai’s expanding market influence in Kenya.
RentWorks East Africa’s Leasing Model
RentWorks East Africa, a leading player in fleet leasing solutions, played a pivotal role in structuring the agreement. According to Mr. Johan Taljaard, Executive Director of RentWorks East Africa, this collaboration reinforces RentWorks’ commitment to delivering high-quality, cost-effective fleet solutions.
“We are thrilled to expand our partnership with Vivo Energy Kenya and provide them with top-tier vehicles that will drive their success. RentWorks is committed to delivering exceptional equipment leasing services and providing the best-in-class vehicles to meet the diverse needs of our customers,” said Mr. Taljaard.
Adding to this, Ms. Cynthia Abiero, Commercial Manager at RentWorks, highlighted the affordability and specifications of the Hyundai Tucson models secured for Vivo Energy.
“We are proud to have partnered with Caetano Kenya and Stanbic Bank to deliver custom-spec, high-end 2025 Hyundai Tucson SUVs that are competitively priced for Vivo Energy Kenya. It has been a positive experience, and we look forward to our continued partnership,” she noted.
Comprehensive Insurance by Heritage Insurance
Heritage Insurance, a subsidiary of Liberty Group, will provide full coverage for the fleet, ensuring business continuity and protection against risks. Heritage Insurance Managing Director Rosalyn Mugoh highlighted the significance of securing assets in business operations.
“At Heritage Insurance, we recognize that vehicles are more than just assets; they drive business success. Our motor private comprehensive insurance empowers our partners, RentWorks EA Ltd and Vivo Energy Kenya, to operate with confidence, offering robust protection against unforeseen risks, including accidents, theft, fire, and third-party liabilities,” said Ms. Mugoh.
By partnering with RentWorks and Vivo Energy, Heritage Insurance guarantees seamless fleet operations, ensuring that vehicles remain protected against potential disruptions.
Navigating Kenya’s Automotive Industry Challenges
This financing deal arrives at a time when Kenya’s automotive industry is facing multiple challenges, including:
- High import duties, increasing the cost of vehicle acquisition.
- Restricted access to affordable financing, making it difficult for businesses to expand their vehicle fleets.
- Rising vehicle costs, driven by inflation and supply chain disruptions.
Despite these hurdles, Hyundai has continued to strengthen its presence in Kenya, offering innovative designs, advanced technology, and high-performance vehicles. The selection of the 2025 Hyundai Tucson by Vivo Energy Kenya and RentWorks East Africa reflects the model’s reliability, safety features, and cost-effectiveness.
Conclusion
The Stanbic Bank-financed fleet acquisition for Vivo Energy Kenya showcases the power of strategic partnerships in overcoming industry challenges and driving business growth. Through collaborations with RentWorks East Africa, Caetano Kenya, and Heritage Insurance, Vivo Energy Kenya now boasts a modern fleet of Hyundai Tucson SUVs, ensuring operational efficiency, enhanced mobility, and improved safety standards.
With the Kenyan automotive sector evolving rapidly, vehicle asset financing and leasing solutions remain key drivers of business expansion, allowing companies to scale efficiently while mitigating financial strain.
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