NC Bank to launch asset financing in Uganda
NC Bank is to focus its Ugandan commercial operations on asset financing due to high demand for this type of product from businesses.NC Bank is to focus its Ugandan commercial operations on asset financing due to high demand for this type of product from businesses.
Speaking to the Independent, the Kenyan bank's Managing Director John Okulo said it had noticed a gap in the market for these services in Uganda.
In particular, many entrepreneurs need more support to help them get their business off the ground.
Mr Okulo explained the bank will "add value to the economy" by supporting companies that require financial aid via assets.
"We are going to specialise in asset financing for the start and in future, after we have fully established ourselves, we will embark on other products," he added.
NC currently has branches in Kenya and Tanzania and wants to expand its presence to include other East African nations.
It is a subsidiary of the National Industrial Credit Bank, which in 1959 became one of the first financial institutions without bank status to offer Kenyans hire purchase and instalment credit finance facilities.