Business
Bank rolls out awards to widen access to asset financing
Thirteen dealer partners walked away with awards at the inaugural ceremony, an initiative the bank says is meant to deepen the partnerships that determine whether a farmer, transporter or contractor can get their hands on the equipment they need to grow, without paying the full cost upfront.
(Courtesy)
By: Ali Twaha, Journalist @New Vision
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Absa Bank Uganda has rolled out a new annual recognition programme, the Titan Awards, to reward the dealers who help put vehicles, tractors, buses and construction equipment into the hands of Ugandan businesses through asset financing.
Thirteen dealer partners walked away with awards at the inaugural ceremony, an initiative the bank says is meant to deepen the partnerships that determine whether a farmer, transporter or contractor can get their hands on the equipment they need to grow, without paying the full cost upfront.
Speaking at the event, David Wandera, managing director, Absa, credited the dealers directly for making the financing possible in the first place.
“Providing financing to individuals and businesses investing in productive assets is only possible because of the strong partnerships we have built with our dealer network,” he said.
“Behind every vehicle, tractor, bus or piece of construction equipment financed by Absa is a partnership between the bank and our dealers.”
Winstone Katushabe, the Commissioner for Transport Regulation and Safety at the Ministry of Works and Transport, financing does more than move equipment.
“These investments increase productivity, create jobs, strengthen safety standards and enhance the competitiveness of Uganda's economy,” Katushabe said.
“A productive asset should not remain permanently beyond the reach of a farmer, an entrepreneur, a school or a growing business simply because they are unable to pay its full cost at once. It is encouraging to see banks such as Absa partnering with dealers and manufacturers to make these productive assets more accessible."
“Behind every vehicle, tractor, bus or piece of construction equipment financed by Absa is a partnership between the bank and our dealers.”
Winstone Katushabe, the Commissioner for Transport Regulation and Safety at the Ministry of Works and Transport, financing does more than move equipment.
“These investments increase productivity, create jobs, strengthen safety standards and enhance the competitiveness of Uganda's economy,” Katushabe said.
“A productive asset should not remain permanently beyond the reach of a farmer, an entrepreneur, a school or a growing business simply because they are unable to pay its full cost at once. It is encouraging to see banks such as Absa partnering with dealers and manufacturers to make these productive assets more accessible."
About the awards
The award categories spanned passenger and commercial vehicles, heavy equipment, agricultural machinery, specialised business assets and environmental sustainability.
Motor Center took Top Passenger Vehicle Dealer for brand new vehicles, while Mighty Rides won the same category for used vehicles. Double Q and Tata Uganda were recognised as the leading commercial vehicle partners for trucks and buses respectively.
Pearltrac Uganda Limited and Afgri were honoured for their work in construction and agriculture, and Achilles Rental Uganda Limited took Top Specialised Asset Supplier.
Al-Mamoun was named Emerging Dealer of the Year, Motor Care won for the Highest Transaction Volume, and Pacific Diagnostic for the Highest Transaction Value. Double Q also picked up the Fastest Deal Turnaround Partner award, while Kiira Motors was named Environmental Champion of the Year for its work on sustainable mobility.
The award categories spanned passenger and commercial vehicles, heavy equipment, agricultural machinery, specialised business assets and environmental sustainability.
Motor Center took Top Passenger Vehicle Dealer for brand new vehicles, while Mighty Rides won the same category for used vehicles. Double Q and Tata Uganda were recognised as the leading commercial vehicle partners for trucks and buses respectively.
Pearltrac Uganda Limited and Afgri were honoured for their work in construction and agriculture, and Achilles Rental Uganda Limited took Top Specialised Asset Supplier.
Al-Mamoun was named Emerging Dealer of the Year, Motor Care won for the Highest Transaction Volume, and Pacific Diagnostic for the Highest Transaction Value. Double Q also picked up the Fastest Deal Turnaround Partner award, while Kiira Motors was named Environmental Champion of the Year for its work on sustainable mobility.