By James Anyanzwa
National Oil Corporation (NOC) and Equity Bank have partnered to provide loans to consumers and retailers of the corporation's products.
The loan facility will cater for the purchase of NOC's Supa Gas cylinders, gas and other accessories.
LPG dealers and consumers seeking financial assistance will also benefit from Equity Bank loans.
"The bank will package financial products to reduce the entry barrier to cylinder ownership by enabling payment for the cylinders by affordable instalments," said NOC's acting managing director Mr Sumayya Athmani. Equity Bank is expected to control a collection account for NOC's customers who benefit from the proposed credit scheme.
"The loan facilities advanced to the applicants by Equity will be paid as agreed between the applicant and Equity Bank," said Athmani.
The financing agreement is part of NOC 's strategy to spur retail business in line with its statutory mandate to deepen the uptake of petroleum products in the country.
The move comes barely a month after the state-owned oil marketer concluded an asset purchase agreement with Total Kenya Ltd (TKL) to boost its market share and stabilise oil prices in the country.
Source: The Standard | Online Edition
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