NCBA Bank has unveiled a significantly enhanced asset finance package for Kenya’s Public Service Vehicle (PSV) sector, offering higher financing limits and longer repayment periods to empower operators. The move, announced last week, also sees the removal of key lending barriers and the launch of a new digital fare collection system, Komiut.
Under the revamped terms, PSV SACCOs and established transport companies can now access up to 90% financing for new vehicles, with a repayment tenor extended to 60 months (five years). Individual SACCO members are also set to benefit, with access to up to 80% financing over a 48-month (four-year) period.
The initiative aims to strengthen NCBA’s position as a market leader in asset finance, where it currently holds over a third of the market share.
Speaking at the launch event on September 10th, NCBA Group Director for Asset Finance and Business Solutions, Lennox Mugambi, emphasized the bank’s goal to support the industry’s growth. “We recognize that many PSV operators are running sustainable operations but face barriers in accessing credit due to structural factors,” he said. “By removing these barriers, we are enabling more operators to grow their fleets confidently under flexible and affordable terms.”
In a significant policy shift designed to improve credit access, NCBA has eliminated two major requirements for individual PSV members. Applicants will no longer need a formal guarantee from their SACCO or be required to pledge their SACCO share contributions as collateral. Furthermore, customers will now have the freedom to select their own insurance providers, a move that offers greater flexibility and potential cost savings.
Alongside the new financing terms, NCBA introduced Komiut, a digital fare collection platform developed in partnership with Safetek Systems Limited. The platform is designed to provide PSV operators with a transparent and secure method for collecting fares, tracking revenue in real-time, and building stronger financial records.
“By extending our services to provide this payment solution, we will ensure that our customers can track their income from their matatus and buses, giving them more control in planning their finances and growing sustainably,” stated Sally Chege, NCBA Director of Transactional Banking.
The digitization of daily collections is expected to minimize risks associated with cash handling, improve accountability, and provide valuable data for credit profiling, potentially unlocking further growth opportunities for operators.
Samuel Ndegwa, Director of Safetek Systems Limited, highlighted the collaboration’s broader vision. “Together, we are empowering PSV operators to adopt cashless fare collection, strengthen financial transparency, and access real-time data for smarter decision-making,” he said. “This collaboration with NCBA goes beyond financing… we are shaping the future of mobility in Kenya.”
Ndegwa added that future plans include developing structured queuing systems and digital fleet management solutions to decongest termini and enhance efficiency across the transport ecosystem.
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