NCBA, Inchcape Partner to Offer Farmers 95% Financing for Tractors in Mechanisation Drive
NCBA Group has entered into a strategic partnership with automotive and heavy machinery distributor Inchcape to accelerate the mechanisation of Kenya’s agricultural sector by offering farmers up to 95 per cent financing for New Holland tractors.
The initiative aims to reduce farmers’ reliance on manual labour and improve productivity in a sector that contributes about 21 per cent of Kenya’s Gross Domestic Product but remains largely under-mechanised.
Under the partnership, NCBA will finance up to 95 per cent of the tractor purchase price and support the acquisition of up to two farm implements such as ploughs, boom sprayers or balers. Business customers will also be eligible for up to Sh500,000 in working capital after purchase to support farm operations.
Unlike conventional agricultural loans, the financing solution is structured around the realities of farming, with flexible repayment plans aligned to harvest cycles. Farmers can access loan tenures of up to 60 months, seasonal repayment options instead of fixed monthly instalments, and a 60-day grace period before the first repayment for those on monthly plans.
NCBA is also working with development finance institutions and non-governmental organisations to offer blended finance that makes credit more affordable and sustainable.
Speaking at the launch, NCBA Group Director for Asset Finance and Business Solutions Lennox Mugambi said the programme is designed to empower farmers to expand their operations and strengthen their livelihoods.
“By matching repayment schedules to the realities of farming and offering up to 95 per cent financing, we are removing the barriers that have historically held back the sector. Our goal is to be the financial partner that unlocks the full potential of Kenya’s agriculture,” he said.
Inchcape’s Managing Director said the partnership would enable farmers to access modern, reliable machinery supported by a strong service network.
“Our dealer presence in Nakuru, Nairobi, Eldoret and Kisumu, with additional locations opening in Mombasa, Nanyuki and Meru, ensures farmers have access not just to world-class tractors but also to factory-trained technicians and genuine parts,” he said.
All financed tractors will be insured through NCBA Bancassurance Intermediary Limited to protect both the farmers and the lender throughout the life of the asset.
NCBA encouraged farmers, cooperatives and agribusinesses interested in the financing programme to contact their relationship managers, visit any NCBA branch or approach authorised Inchcape dealers for more information.
