NCBA Bank, partners launch campaign to ease importation of vehicles

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NCBA Bank Uganda in partnership with ICEA Lion Insurance Uganda and Japan-based car dealer and retailer, Navi Co. Ltd have launched a campaign that offers customers an opportunity to import new and used vehicles of their choice at subsidized prices.

The campaign, which will run for the next three months of the festive season, was launched on Friday at Kampala Serena Hotel.

Speaking to the press at the launch, the CEO of NCBA, Mark Muyobo said the campaign is part of the bank’s efforts to give its customers a festive season to remember by making it possible for them to import their dream car, hassle-free at affordable prices.

According to NCBA, with this partnership, the bank will be financing up to 80% of the cost of the vehicle, while at the same time giving a two-month grace period on repayment of the vehicle but also not charging any arrangement fees during this campaign period.

“It is an important partnership because we are coming together as strong partners in financing the motor vehicle and insurance industry to be able to provide solutions to the local customer who has suffered around financing, quality of the products they bring, and the challenges around bringing the product in Uganda.” Muyobo said.

He also explained that all cars will come with accident free and genuine mileage certificates and three months warranty on engine and transmission with a full tank of fuel.

The partnership is inline with the bank’s strategy to establish collaboration and partnerships with leading companies in various industries to provide its clients with access to innovative products and services that complement its offerings.

On his part, ICEA Lion Insurance CEO, Ambrose Kibuuka said the partnership comes with a range of benefits including marine insurance which will cover the vehicle being imported.

“The coverage under this arrangement is not only the motor comprehensive insurance which many are familiar with, but it also includes marine insurance which covers the vehicle as it is being imported whether it’s Japan or UK to the shores of Uganda as required by Ugandan law,” Kibuuka said.

He added, “So, when our two partners have verified the customer, he has qualified to get his car imported, he has qualified for financing, already that gives us very many green flags that this is the customer to really take on.”

Meanwhile, Kibuuka observed that whereas the market for comprehensive insurance is growing, majority of vehicles in Uganda are still insured for statutory third party cover.

He expressed optimism that partnerships like this one will help drive people away from taking just the statutory third party cover which will not cover their vehicle when it is damaged but only compensate third parties.

“So, we want to take people from there to come to the uptake of comprehensive. So, it is still low but through such efforts, through such partnerships, we are driving the numbers upwards.” Kibuuka said.

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