Aspira, Loxea partner in all-Inclusive vehicle leasing for SMEs

Jennifer Kinyoe

Loxea Kenya Managing Director Jennifer Kinyoe (left) and Cim Group CEO Mark van Beuningen after signing a financing deal to enable small and medium enterprises (SMEs) in the country to acquire new vehicles with 100 per cent financing from Aspira through leasing.

Photo credit: Courtesy

What you need to know:

  • Partnership also encompasses comprehensive insurance, fleet management systems, full maintenance and repairs.
  • Partnership seeks to address the challenges that more than 120,000 SMEs in Kenya face when seeking vehicle financing.

In a move aimed at empowering small and medium enterprises (SMEs) in Kenya, Fintech microfinance company Aspira, a subsidiary of Mauritius-based Cim Group, has announced a groundbreaking partnership with Loxea Limited, the leasing arm of CFAO Group. 

Through the partnership, SMEs with receive 100 per cent financing through leasing, enabling them to acquire new vehicles without the need for collateral or guarantees.

Dubbed 'Gari na Aspira,' the innovative facility offers an all-inclusive package that allows SMEs to lease a range of vehicles, including Toyota, Mercedes, Suzuki, Volkswagens, Yamaha motorbikes and Actros, Hino, Hyundai and Sino trucks. The partnership also encompasses comprehensive insurance, tracking, fleet management systems, as well as full maintenance and repairs.

Vehicle financing

Mark van Beuningen, CEO of Cim Group, highlighted the significance of supporting SMEs in Kenya's economy.

"We cannot underestimate the importance of SMEs in Kenya's economy, and consequently having this partnership with easy conditions and affordable rates is fundamental to assist in growing this sector, to foster innovation, create jobs, and uplift livelihoods," he said.

The partnership seeks to address the challenges that more than 120,000 SMEs in Kenya face, including often struggling with high upfront payments and the need for guarantees when seeking vehicle financing. 

By providing an operating lease model, SMEs can acquire the necessary vehicles without requiring upfront cash, allowing them to pay as they earn from their business over a 48-month period.

Fleet management

Jennifer Kinyoe, Managing Director of Loxea Kenya, emphasized the importance of accessible vehicles for SMEs.

"We are making strides in our firm commitment to ensure that all our motor vehicles are accessible not just to large companies and institutions but also to medium and small-sized businesses which will form the next large organizations," she said.

SMEs will also benefit from Loxea's connected service, Loxea Connect, which offers a comprehensive fleet management solution, including vehicle maintenance, insurance, tracking, geolocation, fuel analytics, driver management, safety and assistance. This will enable SMEs to focus on their core business while leaving the fleet management responsibilities to Loxea.

'Gari na Aspira' is now available through Loxea at all CFAO Motors showrooms across Kenya, providing SMEs with the opportunity to acquire well-maintained vehicles and enjoy the benefits of hassle-free leasing.