I&M Bank Uganda has expanded its asset financing solutions to enable businesses to acquire pickup trucks and tractors without committing large amounts of cash upfront.
The financing options were unveiled during the launch of the second season of the bank’s Tukikube ne I&M Bank campaign at Source of the Nile Hotel in Jinja.
Through partnerships with Victoria Motors and Ndovu Motors, eligible customers can acquire a new pickup truck with monthly payments of Shs4.6 million, while a new tractor can be financed at Shs2.3 million per month, according to the bank.
I&M Bank Uganda chief executive officer Robin Bairstow said the initiative was designed to help businesses invest in productive assets while retaining working capital for their day-to-day operations.
“Businesses succeed when they have access to the right knowledge, opportunities and financing. Banking is not only about transactions; it is about enabling investment, expansion and long-term sustainability,” Mr Bairstow said.
He said the bank’s asset financing solutions are also available to institutions and businesses in sectors such as education, healthcare, construction, transport and renewable 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 a business to acquire vehicles or equipment and pay for them over an agreed period instead of making a large upfront payment. However, businesses need to consider repayment obligations, operating costs and whether the asset will generate enough income to support the financing.
The launch featured a panel discussion on capital preservation and business continuity, particularly among family-owned enterprises.
The discussion, moderated by I&M Bank Uganda chief business officer Gibson Nangono, brought together Enjovu Group founder and head of Enjovu Family Business Elizabeth Kibuka, Ndovu Motors general manager Micah Okello and Victoria Motors acting general manager Dickson Mwesigwa.
The panellists discussed how businesses can acquire vehicles, tractors and other productive assets while keeping sufficient capital to meet their daily operational needs.
They also examined the choice between using retained earnings and borrowing, as well as the role of asset financing and operating leases in supporting business expansion.
Mr Mwesigwa said financial literacy was important in helping customers understand the costs and responsibilities associated with acquiring vehicles.
“Acquiring an asset is only the first step; customers also need to understand how to finance it responsibly and maintain it over time,” he said.
He added that Victoria Motors would provide two years of maintenance support for vehicles acquired under the campaign.
Mr Okello said Ndovu Motors would support customers 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,” he said.
Ms Kibuka, meanwhile, urged family-owned businesses to prioritise succession planning as they prepare for long-term continuity.
“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,” she said.
I&M Bank Uganda head of marketing and corporate communications Annette Nakiyaga said the second season of the campaign would target more entrepreneurs across the country.
“Season One highlighted the importance of engaging entrepreneurs on the realities of running and growing a business. In Season Two, we are reaching more entrepreneurs across Uganda to better understand their needs and support their shared ambition for sustainable growth,” Ms Nakiyaga said.
Following the launch, the bank’s staff conducted outreach activities in Jinja town, engaging business owners and other community members about their financial needs and the bank’s available solutions.
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