This archive report was first published on 9 November 2019.
On November 9, 2019, Co-operative Bank of Kenya and CFAO Kenya (formerly Toyota Tsusho East Africa) entered a financial partnership to enable clients purchase agricultural machinery. The partnership aims to make it easier for farmers and co-operative societies to acquire brand new agri-machinery and equipment from a trusted and leading brand.
Under the agreement, farmers and co-operative societies will get up to 80 per cent financing over a repayment period of up to 60 months with seasonal repayment options depending on the crop cycle. For customers who prefer to take shorter-term loans, the scheme will offer a loan repayable in 12 months, with no interest charges on 50 per cent of the loan.
CFAO will also provide customers with 250 kilogrammes of fertiliser for every unit purchased. The partnership is set to run for one year.
Co-operative Bank director for Co-operatives Banking Vincent Marangu and CFAO Managing Director Toyoki Kuno signed the deal at the motor firm’s headquarters in Nairobi. Mr Marangu said, “With this partnership, we will enable farmers and co-operative societies to more easily acquire brand new agri-machinery and equipment from a trusted and leading brand.”
Mr Kuno added, “We will provide continuous operator training and excellent after-sales support. We feel honoured to partner with a bank like the Co-operative Bank that will give access to societies and farmers looking to re-tool, mechanise and upgrade farms through this partnership.”
Mr Kuno also mentioned that CFAO Kenya is developing an imports company to supply not only blended fertiliser but also to take part in the very important programme of mechanisation. He said, “In agriculture, we are developing an imports company to supply not only blended fertiliser but also to take part in the very important programme of mechanisation.”
Mr Denis Awori, CFAO Kenya chairman, said, “We are very much focused on the development of Africa. CFAO Kenya are the local authorised distributors of CASE IH tractors through their Agri Mechanisation Division headquartered in Nakuru.”
Mr Kuno said his company is fully committed to supporting the Big Four Agenda especially food security by providing comprehensive farming solutions.
