By Patrick Githinji
High risk stunts the growth of the motorcycle industry. Head of Asset Finance at NIC Bank, Moses Karanu, said financial institutions are reluctant to finance the acquisition of motorcycles because they are easily stolen.
There have also been concerns on the increasing cases of accidents involving motorcycles, a fact that scares financiers.
Karanu urged people wishing to acquire motorcycles on loan to form groups akin to associations in the matatu industry in order to attract financing. He said while NIC Bank will be financing the sector in the future, they will be doing so only to groups.
NIC Bank is running a Sh30 million five-month campaign to bolster itself position as the market leader in asset financing.
Source: The Standard | Online Edition
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