Listed company Car and General has signed a deal with Musoni microfinance for potential motorcycle and three-wheeler buyers to access asset financing.
Through the agreement, customers will get 80 percent financing of the product purchase price with an interest rate of 20 percent. The deal targets youth who acquire TVS motorcycles, Piaggio tuk-tuks and other company equipment worth up to 300,000 shillings with options of daily, weekly or monthly repayment terms.
“We want to reach out to more youngsters into venture in the growing motorcycle transport business and be self-employed through a lease to own facility. We also guide them nurture a good saving culture”, said Stanley Munyao, the Musoni Chief Executive officer.
Car and General will help buyers acquire safe driving skills through its regular road shows and clinics around the country. “This partnership will help create opportunities for the young people in the country to become their own bosses,” said David Chesoni, the Managing Director of Car and General.