KAMPALA – NCBA Bank Uganda together with World Navi Co. Ltd, a leading importer and exporter of affordable and high-quality motor vehicles, and ICEA Insurance, one of the region’s leading insurance companies on Friday launched an exciting campaign that offers customers an opportunity to import new and used vehicles of their choice at subsidized prices.
Mr. Mark Muyobo, CEO, NCBA Bank told the press during the three-month campaign launch at Kampala Serena Hotel all cars will come with Accident-Free and Genuine mileage certificates and 3 three-month warranty on the engine and transmission.
“This 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.”
“As NCBA, in this partnership, we are financing up to 80% of the cost of the vehicle, we are also giving a two-month grace period on repayment of the vehicle but also not charging any arrangement fees during this campaign period,” he added.
Mr. Muyobo assured their customers that the vehicles would be insured right from order to delivery in Uganda.
“We also ensure that there is a warrant on the vehicle. If you want it, we will ship, finance, and insure it.”
Ambrose Kibuuka – CEO ICEA Lion Insurance Uganda noted that the car uptake in Uganda is very high thus their coming on board to offer security.
“One of the symbols of success for a Ugandan is to be able to buy a car and because of heavy investment in a vehicle, it only makes sense to protect that investment by taking insurance.”
He said that the coverage under this arrangement is not only motor comprehensive insurance which many are familiar with but also includes marine insurance.
“We are on a campaign as insurance sector players to thrive higher uptake of motor comprehensive insurance and also implementation of the localization marine insurance.”
He added, “So, the products we are insuring in this partnership are directly in line with our intention – to drive to comprehensive insurance and move people from simply taking 3rd party insurance to now have an experience where they are fully secured – if their asset is lost in an accident, or theft, they are able to be compensated and order another vehicle through our partners.”
Through this campaign, NCBA Bank aims to give its customers a festive season to remember by making it possible for them to import that dream car, hassle-free.
About World Navi Co. Ltd
Headquartered in Japan, World Navi Co. Ltd is one of the leading importers and exporters of used vehicles, auto parts as well as construction equipment and machinery.
Over the years, World Navi has built trust and reliability through rapid processing and exporting high-quality used vehicles throughout the world.
About NCBA Bank Uganda Ltd
NCBA Bank is one of the largest banks in East Africa, with an asset base of USD 4.45 Billion (2022). It started its operations in Uganda in 2020, following a merger between NC Bank Uganda Limited and Commercial Bank of Africa Limited.
With a diversity of financing options, NCBA supports its customers with customized banking solutions to ensure their sustainability and financial stability.
NCBA Bank believes in the power of collaboration and has established strategic partnerships with leading companies in various industries to provide its clients with access to innovative products and services that complement its offerings.
About ICEA Insurance
ICEA has evolved over time into a distinctive, cohesive and trusted brand that clearly differentiates it in the market.
As one of East Africa’s leading insurers, ICEA provides high-quality insurance and related financial services that meet and exceed the needs and expectations of customers, consistent with global best practices.
