A kenyan bank has bought a yard to repress and resell vehicles grappled from loan defaulters highlighting the raising cases of asset seizures as the Corona virus pandemic continue to bite.
The number of loan defaulters athwart the country has increased since the outbreak of Covid-19, as from May over 130,000 kenyans have lost there jobs and number companies struggling to earn income increases.
NCBA Bank Kenya group unearthed that it had financed over 4,300 vehicles at a tune of Ksh.17 billion. NCBA was formed in 2019 following the amalgamation of CBA and NIC banks said that it uses the yard to maintain cars before reselling them at a better price instead of using typical auctioning method.
In its latest annual report, the lenders reported a 15% increase in the number of vehicles sold from the yard. Out of these, over 80% were for commercial purposes by small medium sized enterprises (SMEs). The NCBA's latest move come at a time when many auctioneers were reporting as the number of vehicles in the yard even as the number of buyers reduced due to the economic effects of Covid-19.
Content created and supplied by: samm275 (via Opera News )
Opera News is a free to use platform and the views and opinions expressed herein are solely those of the author and do not represent, reflect or express the views of Opera News. Any/all written content and images displayed are provided by the blogger/author, appear herein as submitted by the blogger/author and are unedited by Opera News. Opera News does not consent to nor does it condone the posting of any content that violates the rights (including the copyrights) of any third party, nor content that may malign, inter alia, any religion, ethnic group, organization, gender, company, or individual. Opera News furthermore does not condone the use of our platform for the purposes encouraging/endorsing hate speech, violation of human rights and/or utterances of a defamatory nature. If the content contained herein violates any of your rights, including those of copyright, and/or violates any the above mentioned factors, you are requested to immediately notify us using via the following email address operanews-external(at)opera.com and/or report the article using the available reporting functionality built into our Platform See More