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No more headache as NCBA Bank launches vehicle importation campaign

NCBA reporter 30th Nov, 2023 Trade mediagepr.com

NCBA Bank launching vehicle importation campaign

A car importer through World Navi to receive 80% financing from NCBA Bank, 2-months grace period, comprehensive insurance cover from ICEA Lion

Gertrude saved a portion of her salary for three years with the aim of buying her first car. With her Shs21 million on her account, she started searching for a car on websites that sell used Japanese cars. She identified the car she wanted and confirmed her order.

However, her heart sunk when she was told that the money has to be wired to Japan before the car is shipped to Mombasa Port.

Gertrude was really scared to send her hard-earned money to people she didn�t know. However, a friend encouraged her that it was safe. Two days later, she was relieved to receive a confirmation that her car was on the way. About four months later, the car landed at Mombasa Port. She got the services of someone recommended by her brother to do drive the car from Mombasa to Malaba.

But on seeing the photos of the car from her driver, Gertrude was shocked to notice that the car at the port was different from the one she had paid for, though it was of the same make and colour.

To make matters worse, the driver told her that the battery was not working so they needed to replace it before starting the journey. The car stereo, the tool box plus the spare tyre had also been removed, according to the driver. By the time Gertrude eventually put the car on the road, she had spent an additional Shs.1 million on the car, excluding taxes!

But that was all. She was frequenting different garages as the car kept breaking down. Six months later, she decided to sell the car at a 30% loss so as to cut her losses. Gertrude�s ordeal is quite familiar. But she was told that she was lucky that at least her car arrived as some �get lost on the way.� This challenge is what NCBA Bank, in collaboration with its partners are intending to solve.

The bank, the third largest bank in East Africa by assets, has launched a three-month vehicle purchase promotion in which customers would be able to import both new and used cars of their cars, completely hassle-free.

Working together with World Navi Co., a leading Japanese exporter of high quality new and used motor vehicles, and ICEA Lion Insurance, the bank will finance 80% of the cost of the car. For instance if the car costs Shs.30 million, the customer will contribute only Shs.6 million and pay the rest in monthly installments over a period of say 2-3 years.

Speaking at the launch of the three-month campaign in Kampala on November 17, top officials said every vehicle in the promotion would come with genuine certificates of good quality, 3% comprehensive insurance from ICEA Lion, and a three-month warranty.

Additionally, NCBA Bank would offer a two months� grace period and convenient payment terms thereafter. �This particular collaboration with World Navi Co. Ltd and ICEA Lion Insurance is yet another manifestation of our commitment to partner with other reputable entities to make the lives of our customers better,� said NCBA Bank CEO, Mark Muyobo, at the launch.

He said the two-month grace period offered by NCBA Bank would enable their customers to make the necessary cash-flow adjustments before starting to pay their monthly installments.

�We invite our customers to visit any of our branches at Rwenzori Towers, Village Mall, Forest Mall, and Twed Towers or our website for more information about how they can participate in this exciting campaign,� he added.

Mr. Ambrose Kibuuka, the CEO of ICEA Lion Insurance Uganda, described the promotion as �a groundbreaking collaboration that would redefine the landscape of motor vehicle insurance in Uganda.�

�Through our partnership with NCBA Bank and World Navi Co., we are proud to offer comprehensive and marine insurance at discounted rates exclusively for all Ugandans utilizing World Navi as their trusted vehicle importer,� he added. Mr. Stanley Makombe, the World Navi Co. General Manager for Africa Region, said every vehicle they import is inspected and certified by their engineers in Japan before being shipped to the customer.

This he said, aims at ensuring that their customers get real value for money and hassle-free.

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