I&M Bank Uganda rolls out monthly-payment deals for trucks, tractors

I&M Bank Uganda has launched asset financing deals that let businesses acquire pickup trucks and tractors through fixed monthly payments. The bank is targeting enterprises that want to invest in equipment without draining the cash they need for daily operations.

Under the deals, eligible customers can acquire a new pickup truck for Ush4.6 million ($1,280) a month or a new tractor for Ush2.3 million ($640) a month, through partnerships with Victoria Motors and Ndovu Motors.

The bank announced the offer at the launch of the second season of its Tukikube ne I&M Bank campaign at the Source of the Nile Hotel in Jinja.

The campaign is aimed at businesses that want to expand while keeping enough working capital for routine expenses and other investments.

“Businesses succeed when they have access to the right knowledge, the right opportunities and the right financing,” said Robin Bairstow, chief executive of I&M Bank Uganda.

“Banking is not only about transactions, it is about enabling investment, expansion and long-term sustainability.”

The financing covers sectors including education, healthcare, construction, transport and sustainable energy, where vehicles, machinery and equipment can support service delivery and expansion.

Buying such assets outright can require a large upfront outlay, leaving firms with less money for wages, supplies, maintenance and other operating costs.

Asset financing spreads payments over an agreed period. But businesses still need to weigh the repayment obligations and running costs against the income the assets are expected to generate.

Victoria Motors will provide two years of maintenance for vehicles acquired through the campaign.

“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,” said Dickson Mwesigwa, acting general manager of Victoria Motors.

Ndovu Motors will deliver the tractors, guide buyers on how to use the machinery and service them free for the first 500 operating hours.

“We want customers to get the most out of their equipment from the start. With affordable financing, acquiring a tractor becomes more accessible,” said Micah Okello, general manager of Ndovu Motors.

Family businesses

The launch also included a panel on capital preservation and business continuity, with a focus on family-run firms.

Moderated by Gibson Nangono, I&M Bank Uganda’s chief business officer, the panel weighed using retained earnings against borrowing to fund investment. It also looked at how asset financing and operating leases can help enterprises grow while keeping cash for other priorities.

Elizabeth Kibuka, founder of Enjovu Group and head of Enjovu Family Business, urged owners to start preparing the next generation early.

“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,” Ms Kibuka said.

Annette Nakiyaga, head of marketing and corporate communications at I&M Bank Uganda, said the second season will reach more entrepreneurs across the country.

“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,” Ms Nakiyaga said.

After the Jinja launch, bank staff met business owners and community members in the town to learn about their financing needs and explain the bank’s products.

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