This archive report was first published on 18 November 2021.
On November 18, 2021, Diamond Trust Bank (DTB) announced a new partnership with Crown Motors Group, the official distributor of Nissan in Kenya, to offer motor vehicle financing under the 'Beba Leo' scheme.
The program targets small and medium-sized enterprises (SMEs) across the country, providing 100% financing over 60 months to acquire new vehicles for business use, with comprehensive insurance cover.
According to a World Bank report, SMEs play a major role in most economies, particularly in developing countries, accounting for the majority of businesses worldwide and contributing significantly to job creation and global economic development.
Micro and small enterprises (MSEs) in Kenya make a substantial contribution to livelihoods and inclusive growth, accounting for 24% of the country's gross domestic product (GDP), over 90% of private sector enterprises, and 93% of the total labor force in the economy.
Speaking during the MOU signing, Dr. Kennedy Nyakomitta, DTB's General Manager in charge of Asset Finance, said, "Despite providing a huge share of global employment, SMEs still face major challenges when it comes to raising capital for their businesses and accessing funds to grow their business potential."
"The partnership with Crown Motors demonstrates our commitment to walking the journey with our customers as we provide them with customized, flexible, and integrated banking solutions," he added. "SMEs will not have to outlay any cash to get these vehicles, they simply need approval from DTB after which they can collect the desired vehicle from Crown Motors."
Speaking on the new partnership, Maliha Sheikh, the National Sales Manager for Crown Motors Group, said, "Kenya is one of Nissan's oldest markets, with over 60 years of presence in the market, our vehicle models speak to the Kenyan people. This new partnership will strengthen our efforts to offer affordable and accessible mobility solutions to a diverse set of valued DTB customers."
