NCBA Group, one of Kenya’s largest banks, has partnered with machinery distributor Inchcape to provide farmers with up to 95% financing for New Holland tractors, a move aimed at accelerating mechanisation in the country’s agriculture sector.
The partnership, announced on Wednesday, includes support for up to two farm implements and access to KES 500,000 ($3,200) in working capital for business customers. Repayment plans are designed to align with harvest cycles, and farmers on monthly plans can defer their first payment by 60 days.
“By matching repayment schedules to the realities of farming and offering up to 95% financing, we are removing barriers that have historically held back the sector,” said Lennox Mugambi, Group Director of NCBA Asset Finance and Business Solutions.
Kenya’s agriculture sector contributes about 21% of GDP but remains heavily reliant on manual labour, limiting productivity. NCBA’s initiative also involves collaboration with development finance institutions and NGOs to make credit more affordable and sustainable.
Inchcape, which has a dealer network in Nakuru, Nairobi, Eldoret and Kisumu, said it would expand services to Mombasa, Nanyuki, and Meru. “Our network and factory-trained technicians ensure farmers get long-term value from their investment,” said the company’s managing director.
All financed tractors will be insured through NCBA Bancassurance Intermediary Limited. Farmers and agribusinesses interested in the programme can contact NCBA branches or authorised Inchcape dealers.