A bank in the middle of an acquisition doesn’t usually slow down its commercial activity. Kenya’s NCBA is proving that.Â
The bank has signed a memorandum of understanding (MoU) with Salvador Caetano Kenya Limited, the official distributor of Hyundai, Kia, Ford, and Chery in Kenya, to roll out structured asset financing for both internal combustion and electric vehicles (EVs).Â
Under the arrangement, buyers of electric models such as the Kia EV6, Hyundai IONIQ 5, and Hyundai Kona EV can access up to 90% financing over a 60-month repayment period. The scheme extends beyond individual buyers to SMEs, corporate fleet operators, logistics firms, and retail customers, effectively turning the bank into a key enabler of Kenya’s shift toward financed electric mobility at scale.Â
Why does this deal matter? Buying an electric vehicle outright is not realistic for most people. The entry-level Hyundai Kona EV sells for KES 5.5 million ($42,500), meaning even a 90% financing structure still requires a deposit of roughly KES 550,000 ($4,250). While still significant, that shifts the purchase from an upfront capital hurdle to a more manageable entry point spread over time.
For fleet operators and logistics companies, however, where EV adoption is beginning to scale in Kenya, structured financing like this is the real unlock: it turns early interest into actual purchase orders, accelerating the shift from pilot-stage experimentation to commercial deployment.
State of play: NCBA holds a 35.4% share of the hire purchase market as of April 2026, making it Kenya’s dominant asset-finance bank. For Salvador Caetano, this isn’t the first time it has gone down this road; it frequently seeks deals to boost vehicle sales by making financing more accessible to customers. For banks, it unlocks higher loan volumes and long-term interest income through expanded vehicle asset financing.
In February, Stanbic Bank signed a similar deal with the same distributor, offering 100% financing, zero facility fees, and 96-month repayment terms. In that lens, NCBA’s 90% financing over 60 months is competitive, but it is not the most generous option available for the same vehicles from the same dealer.
Zoom out: South African lender Nedbank’s tender offer for a 66% stake in NCBA opens on May 28, giving shareholders the option to accept a mix of cash and Nedbank stock listed on the Johannesburg Stock Exchange (JSE), in a deal that folds NCBA’s asset finance portfolio into Nedbank’s East African expansion strategy.