I&M Bank expands asset financing for pickup trucks, tractors

What the report says

I&M Bank Uganda has broadened its asset-financing products to help businesses purchase pickup trucks and tractors while keeping more working capital available for day-to-day operations, according to The Independent Uganda. The announcement came at the launch of the second season of the bank’s Tukikube ne I&M Bank campaign at the Source of the Nile Hotel in Jinja, where the lender said it wants to support investment in productive assets and business growth.

The bank said its partnerships with Victoria Motors and Ndovu Motors allow eligible customers to finance a new pickup truck at a monthly payment of Shs4.6 million or a new tractor at Shs2.3 million. I&M Bank chief executive Robin Bairstow said the initiative is meant to combine financing with business knowledge so companies can expand in a more sustainable way. The bank also said the offering is relevant to sectors such as schools, healthcare facilities, construction, transport and businesses investing in energy solutions.

The launch included a panel discussion moderated by the bank’s chief business officer, Gibson Nangono, with participation from business and motor-industry representatives, including Elizabeth Kibuka of Enjovu Group, Micah Okello of Ndovu Motors and Dickson Mwesigwa of Victoria Motors. The discussion focused on asset financing, capital preservation and succession planning for family businesses.

The Independent Uganda also reported that the partner firms will add after-sales support, including maintenance, servicing and guidance on equipment use. The broader significance is that the bank is positioning asset finance as a way for Ugandan businesses to acquire equipment without draining cash reserves, a common concern for growing firms.