NCBA acquires car yard, to sell repossessed vehicles directly

“This has seen a 15 percent increase in the selling price of repossessed vehicles and faster turnaround in their disposal as we are now able to conduct basic maintenance like regular cleaning of vehicles and ensuring proper tyre pressure to restore their value,” the bank said.

In its latest annual report, NCBA revealed that it has financed customers to acquire over 4,300 vehicles worth around Sh. 17 billion. 80 percent of these vehicles are being used commercially by small and medium-sized enterprises.

Over the recent few years, banks in Kenya have recorded a rise in the amount of bad loans. This follows a shrinking economy that has left the majority of borrowers unable to meet their debt repayment obligations. The situation has been compounded by the coronavirus pandemic that has left the Kenyan economy on its knees. NCBA Auction.