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Kampala, Uganda | PATRICIA AKANKWATSA | I&M Bank Uganda has expanded its asset financing offering to help businesses acquire pickup trucks and tractors, as the lender seeks to support investment while allowing enterprises to preserve working capital.
The financing options were unveiled during 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.
Under partnerships with Victoria Motors and Ndovu Motors, eligible customers can acquire a new pickup truck at a monthly payment of Shs4.6 million or a new tractor at Shs2.3 million, according to the bank.
Robin Bairstow, chief executive officer of I&M Bank Uganda, said the campaign is intended to help businesses access productive assets and financial knowledge needed to expand their operations.
“Through partnerships with Victoria Motors and Ndovu Motors, eligible customers can acquire a brand-new pickup truck at a monthly payment of Shs 4.6 million and a brand-new tractor at a monthly payment of Shs 2.3 million,” he said.
“Businesses succeed when they have access to the right knowledge, the right opportunities and the right financing. At I&M Bank, business growth is viewed through that lens. Banking is not only about transactions, it is about enabling investment, expansion and long-term sustainability,” Bairstow added.
He said the bank’s asset financing solutions also target schools, healthcare facilities, construction firms, transport operators and businesses investing in sustainable energy.
“Our focus is to enable businesses to acquire the assets required for growth while preserving resources needed to run and expand operations,” he said.
Asset financing allows businesses to acquire equipment and vehicles through structured payments rather than committing large amounts of cash upfront. However, the suitability of such arrangements depends on repayment terms, operating costs and the ability of a business to generate sufficient income from the assets.
The bank’s launch included a panel discussion on preserving capital and ensuring business continuity, with a focus on asset financing for family-owned enterprises.
Moderated by Gibson Nangono, I&M Bank Uganda’s chief business officer, the discussion brought together Elizabeth Kibuka, founder of Enjovu Group and head of Enjovu Family Business; Micah Okello, general manager of Ndovu Motors Ltd; and Dickson Mwesigwa, acting general manager of Victoria Motors Ltd.
The panellists examined how businesses can finance vehicles, tractors and other productive assets without tying up capital needed for daily operations. They also discussed the considerations involved in using retained earnings compared with borrowing, as well as the role of asset financing and operating leases in business expansion.
Mwesigwa said financial literacy was important in helping customers make informed decisions when acquiring vehicles. He added that Victoria Motors would provide maintenance for vehicles purchased under the campaign for two years after acquisition.
“Acquiring an asset is only the first step; customers also need to understand how to finance it responsibly and maintain it over time. Our two-year maintenance support is intended to help protect their investment,” he said.
Okello said Ndovu Motors would complement the financing arrangements with equipment delivery, guidance on machinery use and complimentary servicing during the initial operating period.
“We want customers to get the most out of their equipment from the start. That is why we guide them on its proper use and provide free servicing for the first 500 operating hours. With affordable financing, acquiring a tractor becomes more accessible,” Okello said.
Kibuka highlighted succession planning as another consideration for family-owned businesses seeking long-term stability.
“Succession planning should not wait until a business owner is ready to retire. Families need to prepare the next generation early to ensure business continuity and preserve what they have worked hard to build,” Kibuka said.
The event also included a question-and-answer session in which participants sought clarification from the panellists on financing options and business continuity.
Annette Nakiyaga, head of marketing and corporate communications at I&M Bank Uganda, said the second season would build on the first campaign by reaching more entrepreneurs and addressing their business needs.
“Season One highlighted the importance of engaging entrepreneurs on the realities of running and growing a business. In Season 2, we are reaching more entrepreneurs across Uganda to better understand their needs and support their shared ambition for sustainable growth through meaningful engagement and practical solutions,” she said.
Following the launch, bank staff conducted outreach in Jinja town, engaging business owners and other community members to understand their needs, strengthen customer relationships and explain the bank’s available financial solutions.
