NCBA Group, one of Kenya’s largest lenders, has partnered with machinery distributor Inchcape to offer farmers up to 95% financing on New Holland tractors, in a bid to modernise the country’s agriculture sector and unlock higher productivity.
The initiative, announced Wednesday by popular Tech media publication TechMoran, includes financing for up to two farm implements and access to KES 500,000 ($3,200) in working capital for agribusiness customers. Repayment terms are designed to reflect the seasonal nature of farming, with a 60-day deferral on first instalments and flexible schedules aligned with harvest cycles.
“Agriculture contributes about 21% of Kenya’s GDP but remains heavily dependent on manual labour. This partnership is designed to remove barriers to mechanisation and expand farmers’ operational capacity,” said Lennox Mugambi, NCBA Group Director of Asset Finance and Business Solutions.
The programme leverages collaboration with development finance institutions (DFIs) and NGOs, creating a blended finance structure aimed at reducing credit costs and improving sustainability. Inchcape, which operates dealers in Nairobi, Nakuru, Eldoret, and Kisumu, plans further expansion into Mombasa, Nanyuki, and Meru, with factory-trained technicians and genuine New Holland parts ensuring long-term reliability.
All financed tractors will be insured via NCBA Bancassurance Intermediary Limited, mitigating risk for both farmers and the bank. Analysts say such tailored financing solutions could accelerate adoption of mechanised farming and improve yields in a sector historically constrained by capital access.
