KAMPALA — dfcu Bank has partnered with Double Q Company Limited to expand access to vehicle and asset financing for Ugandan businesses and individuals seeking to acquire commercial vehicles, construction equipment and other productive assets.
The partnership, launched on Wednesday at the Double Q showroom in Bugolobi, Kampala, brings together dfcu’s asset financing services, Double Q’s range of vehicles and equipment and insurance support from ICEA LION General Insurance.
The initiative is intended to address the high upfront cost of vehicles and machinery, which can strain business working capital and delay expansion.
Under the partnership, eligible customers purchasing vehicles and equipment from Double Q can access financing of up to 90% for commercial assets, with repayment periods of up to five years.
Selected passenger and electric vehicles will qualify for up to 100% financing, with repayment periods of up to seven years, subject to dfcu Bank’s assessment and approval.
The financing package will cover a range of assets, including the GWM Tank 500, GWM P300 SX pickup, HAVAL H6 GT Plug-in Hybrid Electric Vehicle, SINOTRUK commercial trucks, XCMG construction and mining equipment and Heli electric forklifts.
Customers will also have access to insurance cover, dealership discounts, priority allocation on selected vehicles, maintenance support and extended warranty benefits.
Gloria Namutebi, Head of Vehicle and Asset Finance at dfcu Bank, described asset financing as a tool for business growth rather than simply a loan product.
“Asset finance is not simply a loan product; it is a growth tool,” Namutebi said.
She said the facility would enable businesses such as logistics companies and contractors to acquire trucks and equipment without exhausting the cash needed to maintain their daily operations.
Namutebi added that the partnership would also enable dfcu to provide green financing for electric and hybrid personal vehicles.
Kate Kiiza, dfcu Bank Executive Director and Chief Corporate and Institutional Banking Officer, said access to productive assets was essential for businesses seeking to increase efficiency, create jobs and expand their operations.
“When businesses can access the equipment, vehicles and machinery they need, they can serve more customers, create jobs and operate more efficiently,” Kiiza said.
She said productive assets were central to competitiveness in sectors including logistics, construction, manufacturing, agriculture and trade.
Bruce Lin Yu, Managing Director of Double Q Company Limited, said modern commercial vehicles could help businesses reduce operating costs while improving safety, reliability and fuel efficiency.
He said Double Q would complement the financing arrangement with after-sales support, genuine spare parts and manufacturer-backed warranties to help customers maximise vehicle uptime.
“Modern commercial vehicles deliver real value through better fuel efficiency, safety and lower costs. With dfcu Bank and ICEA LION, we’re making these benefits more accessible to businesses across Uganda,” he noted.
The partnership comes as businesses across Uganda continue to invest in transport, logistics, construction, manufacturing and trade, increasing demand for vehicles and machinery while seeking to preserve working capital.
The companies said the financing arrangement is intended to give customers greater flexibility to acquire productive assets and spread the cost over time rather than making large upfront payments.
