The agreement comes amid increased competition in Kenya’s automotive market, with Chinese vehicle brands gaining ground as buyers explore alternatives.

Global Motors Centre Limited director Abdallah Zubedi with Eric Wambua, Director, Corporate and Institutional Banking, SBM Bank Kenya during the signing of MoU with Global Motors Centre on October 26, at the Jetour Showroom in Nairobi/ HANDOUT

SBM Bank Kenya has partnered with Global Motors Centre Limited to offer financing of up to 95 per cent for customers buying new Jetour sport utility vehicles (SUVs), lowering the upfront cost of acquiring the vehicles.

The deal will cover Jetour models Dashing, X70 Plus, T2 and T1, with repayment periods of up to 72 months, alongside comprehensive motor insurance at competitive rates and financing for insurance premiums.

The partnership targets individual buyers, professionals, business owners and companies seeking to acquire personal vehicles or expand their fleets without paying the full purchase price upfront.

SBM Bank Kenya said the financing arrangement is designed to address the high initial cost of purchasing new vehicles by allowing customers to spread payments over an extended period.

“By offering up to 95 per cent financing alongside integrated bancassurance, we are removing major financial hurdles for professionals, business owners and corporate entities, enabling them to upgrade their fleets or personal vehicles under highly flexible terms,” said Eric Wambua, the bank’s director of corporate and institutional banking.

Global Motors Centre, the official distributor of Jetour vehicles in Kenya, said the partnership would improve access to its range of SUVs by combining vehicle sales with financing and insurance solutions.

“Such partnerships ensure that Kenyans can acquire new vehicles seamlessly, affordably, and fully supported by reliable financing and insurance structures from day one,” said Abdallah Zubedi, a director at Global Motors Centre.

Abdallah Zubedi, Director, Global Motors Centre Limited explains the features and operation of a Jetour vehicle to Eric Wambua, Director, Corporate and Institutional Banking, SBM Bank Kenya (right), during the signing of the vehicle financing partnership /HANDOUT

The agreement comes as Kenya’s automotive market experiences changing consumer preferences and growing interest in Chinese brands.

According to industry figures cited by the companies, new vehicle sales rose 12.2 per cent year-on-year between January and April 2026, following eight consecutive Central Bank Rate cuts that brought the benchmark rate to 8.75 per cent.

Chinese automotive brands have also increased their share of reported industry sales, rising from 0.49 per cent five years ago to 7.46 per cent in recent industry data.

Kenya’s vehicle market remains heavily influenced by imported used cars, with monthly sales estimated at between 7,000 and 9,000 units.

Financing arrangements that reduce initial purchase costs could help more buyers consider new vehicles, although affordability will depend on interest rates, monthly repayments and other ownership expenses.

For businesses, the facility could provide an alternative route to acquiring vehicles for operations, particularly for enterprises that need transport assets but want to preserve working capital.

The partnership also builds on SBM Bank Kenya’s asset-financing strategy, which seeks to support individuals and businesses acquiring high-value assets.

The bank reported a 122 per cent increase in profit before tax to Sh911 million for the nine months ended September 30, 2026, up from Sh411 million in the corresponding period of 2025.

Total income rose 33 per cent to Sh5.444 billion, while customer deposits increased 29 per cent to Sh97.3 billion. The lender’s non-performing loan ratio stood at 16.9 per cent.

The financing offer gives prospective buyers an opportunity to spread the cost of a new vehicle over as long as six years. However, the overall cost of borrowing will depend on the applicable interest rate, fees, insurance premiums and individual loan terms.