EQUITY BANK KENYA ENTERS INTO PARTNERSHIP WITH AGCO

Equity Bank Asset Finance Manager, Charles Nyoro (left) and director Sales and Marketing at AGCO, Dominik Reus (right)
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 Equity Bank Kenya and AGCO, a U.S. company which owns the Massey Ferguson brand, have signed a partnership agreement that will see their customers get up to 80% financing payable within 48 months on the Massey Ferguson tractors and accompanying implements.

 Speaking at the launch, Equity Bank Kenya associate director- credit, Sam Ndung’u, indicated that the bank is partnering with AGCO, one of the biggest agricultural machinery companies globally.   Through the sole franchise holder, FMD East Africa, financing will be provided to both businesses and individuals for Massey Ferguson tractors and complimenting implements.

“We share a common goal with AGCO which is to empower small and medium enterprises (SMEs); especially those in the agribusiness value chain from farmers to processors, with the aim of assisting in the achievement of food security on the continent. This partnership will go a long way in enhancing convenient access to finance, thereby creating growth and job opportunities for more people,” said Mr. Ndung’u.

 Equity Bank Kenya Associate Director- Credit, Sam Ndung’u

 On his part, Fergus Robley, the general manager of FMD said:  “This partnership will facilitate the farmers to have quick turnaround time on loan applications as well as the comfort of having quality equipment on their farms.  FMD is well known for being the pacesetter in after sales support”.  Equity Bank is giving customers who qualify for the financing to purchase the tractors under the partnership terms, a specially negotiated comprehensive insurance cover at an annual premium of 2% of tractor value, through Equity Insurance Agency as part of the deal.

 Massey Ferguson tractors are widely recognized throughout the world. They are popular with individuals   who are engaged in crop farming, rearing livestock and horticulture.The partnership comes on the backdrop of a recent agriculture sector financing partnership between Equity Bank Kenya and European Investment Bank that was supported by the European Union. It is seeking to transform the economic opportunities for thousands of small holder farmers across Kenya through a EUR 50 million (Kshs. 5.7 billion) fund.

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