- Peach Cars is a player in the Kenyan used car market while Umba Microfinance Bank is a leading digital bank operating in Kenya and Nigeria.
- The collaboration is seen as a significant stride towards making car ownership more accessible and convenient in the country.
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Peach Cars has joined forces with Umba Microfinance Bank to introduce a ground-breaking 24-hour car financing option for customers.
Peach Cars is a player in the Kenyan used car market while Umba Microfinance Bank is a leading digital bank operating in Kenya and Nigeria.
The collaboration is seen as a significant stride towards making car ownership more accessible and convenient in the country.
Zach Petroni, co-founder and Chief Operating Officer at Peach Cars, expressed enthusiasm about the partnership's impact on car buyers in Nairobi.
"We are excited to announce our partnership with Umba. It perfectly aligns with our commitment to empower buyers and sellers in the Kenyan used car market," Petroni said during the launch of the partnership.
The collaboration seeks to empower car buyers in Kenya by offering them swift and hassle-free access to financing solutions.
Through Umba Microfinance Bank, customers can will be able to secure financing of up to 70 per cent of the vehicle's value, with processing times as quick as within 24 hours.
"Through accessible and reliable car financing options, we are empowering our customers with more options to realise their dream of owning a car with confidence,” Petroni said.
UMBA Inc. CEO and UMBA MFB Chairman Tiernan Kennedy echoed Petroni's sentiments, saying the partnership with Peach Cars underscores their dedication to providing fast and dependable financing solutions tailored to their customers' needs.
"Whether it's owning a car or saving for the future, our objective is to empower Kenyans to achieve their financial goals swiftly and confidently," Kennedy said.
The firms said the innovative approach eliminates the traditional barriers associated with obtaining car financing thus enabling buyers to drive away with their desired vehicle without unnecessary delays.
Peach Cars said the process of obtaining financing is designed to be straightforward and user-friendly.
Customers can explore the extensive range of quality-tested used cars available on the Peach Cars website and select the vehicle that best suits their preferences and needs, the company said.
Upon choosing a car, customers are required to submit their identification and other relevant documents through the Peach Cars platform.
“These details are securely transmitted to Umba for swift processing.”
Peach Cars added that Umba Microfinance Bank will then expedite the financing application process with expected approval within 24 hours.
It said the rapid turnaround ensures that buyers can drive away with their vehicles without undue delays.
“Upon approval, customers can confidently drive away in their newly acquired vehicle, knowing that the financing process has been seamlessly facilitated by Peach Cars and Umba Microfinance Bank,” the company said in a statement.
The statement added that the partnership between Peach Cars and Umba Microfinance Bank is not just about selling cars, but about empowering customers to kick-start their car ownership journey with confidence.