National Bank signs financing deal with MetroTrans Ltd

By Monica Muema

Metro Trans Limited, a public transport company has today received a fleet of 80 buses from Simba Corporation Limited in a purchase arrangement that has been financed by National Bank of Kenya (NBK) through the Asset Based Finance Product.

The NBK – Simba Corp partnership enables customers to get up to 90 percent financing payable within 60 months with an option of Sh 300,000 working capital. Further, through the bank’s insurance subsidiary, NBK Insurance Agency, customers can also receive competitive insurance offering for their acquisitions.

NBK Retail Banking Director Carol Rutto noted that availing of the buses to Metro Trans Limited lends credence to the desire by the bank to support key economic enablers especially in the transport industry.

“We are delighted to finally handover the buses that will ultimately transform the travel experience of commuters along the routes that Metro Trans operates. It is also a testament to our desire to continue availing convenient products to our clients across various market segments,” Rutto said.

Metro Trans Limited Director, Oscar Omurwa Rosana noted that as the commuter preferences continue to evolve, so is the need for the company to up its game through availing of newer fleet to keep up with the competition.

“We are grateful to National Bank of Kenya for the support. This will go a long way in modernizing our fleet as well as grow our margins adequately,” he noted.

Simba Corp Motors MD Naresh Leekh, said Fuso is geared towards providing comfort. “When it comes to buses, comfort is key when moving from point A to B. With this partnership we offer all passengers comfort in travelling, with enough leg room, aeration, seatbelts, and better driving comfort for the driver,” he said.

“Simba Corp has invested in fully-fledged after-sales centres across the country and are on hand to provide genuine parts for all Fuso trucks and buses. In addition, we have continuous driver training sessions to engage drivers on the buses’ capabilities for maximum efficiency,” he added.

With a current Asset Based Finance pipeline portfolio of Sh 770 Million, National Bank is keen to tap into the growth opportunities in key sectors including Transport & logistics, Education, Agriculture, Health and Trade.

The Bank also has a financing arrangement for school buses with 100 percent financing and maximum repayment period of five years with a structured termly plan.