Stanbic controls 30% of vehicle financing market

Stanbic Bank Ghana has taken the lead in the vehicle and asset financing industry controlling about 30 percent of the market.

It is therefore poised to leverage on this to grow its personal and consumer banking business.

The financial intermediary has launched its vehicle and asset financing promo to enable many individual customers purchase brand new vehicles within the next two months. It is doing this in collaboration with Mechanical Lloyd, CFAO Motors, Japan Motors and Hyundai Investments.

In terms of the financing, the bank after assessing the financial viability of the customer and price of the car would provide funds to aid the customer to acquire it.

The bank has already a vehicle and asset financing facility that provides short to medium term funding to finance the purchase of moveable assets such as motor vehicles.

Head of Personal and Business Banking, Nana Dwomoh Benneh said “Stanbic has proven that it is the bank of choice for Ghanaians and it is therefore making facilities available for customers to acquire brand new vehicles.”

As part of the activities lined up during the promotion, the various dealer partners have mounted an exhibition at the Stanbic Heights in Accra to give the customers the opportunity to access the cars on display as well as conduct drive tests.