NCBA Bank, in collaboration with ICEA Lion Insurance and Japan-based car dealer Navi Co. Ltd, has initiated a three-month campaign to facilitate the importation of vehicles at subsidized prices during the festive season.
This exclusive campaign shall enable customers import both new and used vehicles of their choice at reduced prices.
The campaign aims to alleviate the challenges often associated with vehicle financing, quality assurance, and importation logistics in Uganda.
Mark Muyobo, CEO of NCBA, emphasized the significance of the partnership, stating that the collaboration addresses issues around financing, product quality, and the overall importation process.
During the campaign period, NCBA Bank will provide financing of up to 80% of the vehicle cost, coupled with a two-month grace period for repayment.
Notably, the bank will not impose any arrangement fees throughout this promotional period.
Mr. Muyobo highlighted that this initiative aligns with the bank’s broader strategy of fostering collaborations with industry leaders to offer innovative products and services to its clientele.
In addition to financing, the partnership guarantees customers accident-free vehicles with genuine mileage certificates. Each imported vehicle will also come with a three-month warranty on the engine and transmission, accompanied by a full tank of fuel.
Ambrose Kibuuka, CEO of ICEA Lion Insurance, elaborated on the comprehensive coverage provided under the partnership.
Besides standard motor comprehensive insurance, the package includes marine insurance, covering the vehicle during the importation process from countries such as Japan or the UK to the shores of Uganda, as mandated by Ugandan law.
Mr. Kibuuka expressed optimism that initiatives like this would contribute to shifting consumer preferences from statutory third-party cover to comprehensive insurance, providing broader coverage for the insured vehicles.
The campaign, scheduled to run for the next three months, encourages customers to explore financing options by visiting NCBA branches around Kampala or accessing information on the bank’s website. NCBA Bank believes that this collaborative effort will not only redefine affordability but also offer customers a memorable festive season by making their dream cars more accessible.