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Kampala, Uganda | THE INDEPENDENT | dfcu Bank has partnered with Double Q Company Limited to expand access to vehicle and asset finance for Ugandan businesses and individuals seeking to acquire trucks, construction equipment, passenger vehicles and forklifts without putting pressure on working capital.
The partnership, launched on Aug. 12 at Double Q’s showroom in Bugolobi, Kampala, combines dfcu’s asset financing expertise with Double Q’s portfolio of vehicle and equipment brands, alongside insurance support from ICEA LION General Insurance.
The financing package is designed to address the high upfront cost of productive assets, which can limit businesses’ ability to invest in expansion while maintaining sufficient cash to meet day- to-day operating expenses.
Under the arrangement, customers purchasing vehicles and equipment from Double Q, subject to dfcu Bank’s approval, can access financing of up to 90% for commercial assets, with repayment periods of up to five years.
Selected passenger and electric vehicles qualify for financing of up to 100%, with repayment periods of up to seven years.
Customers can also access insurance cover, dealership discounts, priority allocation on selected vehicles, maintenance support and extended warranty benefits.
The brands available under the partnership include the GWM Tank 500, GWM P300 SX pickup and HAVAL H6 GT Plug-in Hybrid Electric Vehicle, as well as SINOTRUK commercial trucks, XCMG construction and mining equipment and Heli electric forklifts.
Financing growth
Gloria Namutebi, Head of Vehicle and Asset Finance at dfcu Bank, said asset finance should be viewed as a tool for business growth rather than simply a loan product.
“Asset finance is not simply a loan product, it is a growth tool. It allows a logistics company to add a truck, a contractor to acquire equipment, or an entrepreneur to purchase a reliable vehicle without draining the cash needed to keep the business running,” Namutebi said.
She said the partnership would make financing more accessible to customers seeking the specific brands supplied by Double Q, while also providing green financing options for electric and hybrid personal vehicles.
Kate Kiiza, Executive Director and Chief Corporate and Institutional Banking Officer at dfcu Bank, said access to productive assets was important for businesses seeking to improve efficiency and competitiveness.
“When businesses can access the equipment, vehicles and machinery they need, they are able to serve more customers, create jobs and operate more efficiently,” Kiiza said.
“Productive assets are at the heart of competitiveness across logistics, construction, manufacturing, agriculture and trade. By bringing together financing, insurance and trusted equipment suppliers, we are helping businesses invest in growth while preserving the working capital they need to run their operations.”
Business opportunity
The partnership comes as Ugandan businesses continue to invest in logistics, construction, manufacturing, agriculture, trade and transport, increasing demand for vehicles and machinery that can improve productivity.
MSMEs account for approximately 90% of Uganda’s private sector production and employ more than 2.5 million people, making access to productive assets an important factor in their ability to expand.
Bruce Lin Yu, Managing Director of Double Q Company Limited, said modern commercial vehicles can help businesses improve fuel efficiency, safety and reliability while lowering operating costs.
“Combined with our professional after-sales support, genuine spare parts and manufacturer- backed warranties, customers can maximise vehicle uptime and achieve stronger returns on investment,” Lin Yu said.
He said the partnership with dfcu Bank and ICEA LION General Insurance would make these benefits more accessible to businesses across Uganda.
For businesses, the financing arrangement provides an alternative to making large upfront capital commitments when acquiring vehicles and equipment. By spreading payments over time, companies can retain working capital for operations while investing in assets needed to increase capacity and generate revenue.
dfcu said the partnership is part of its broader Vehicle and Asset Finance strategy aimed at supporting businesses and individuals to acquire productive assets and contribute to economic growth.
