There has been exponential growth in the Kenyan motor industry over the last six decades. The motor industry is a pillar of the Kenyan economy and the main driver of macroeconomic growth and stability. The core automotive industry (vehicle and parts makers) supports a wide range of business segments, both upstream and downstream, along with adjacent industries. This leads to a multiplier effect on growth and economic development.
As of October 2021, the automotive sector employed an estimated 12,000 people; of which 3,000 were directly employed in assembly plants, 3,690 in downstream spin-offs and 5,782 in support sectors excluding dealerships. (Source: https://www.kenyanews.go.ke› 22 Oct 2021). Comparably, according to a 2020 report by the International Labour Organization (ILO), the global direct employment in the industry was estimated at nearly 14 million workers in 2017. This is a huge workforce both upstream and downstream.
The motor industry in Kenya supports both Upstream and Downstream industries. Whether Upstream [mining, steel, metal (primary & fabricated), fuel, plastic, rubber, glass, electronics etc], Core Automotive [Original equipment manufacturers (OEMs), passenger vehicles, commercial vehicles, component manufacturers etc] to Downstream [Finance, used car markets, car hires and rentals, fuel supply, transportation and warehousing], Smithmo Credit Limited has positioned itself to bridge the gap in access to affordable financing for both prospective and enthusiastic vehicle owners. We have tailormade our financing products to suit many clients cut off by mainstream banks in accessing finances.
We have stepped in the gap during this economic crisis where end consumers in the automotive sector are focused on conserving cash. We have ensured flexible financing and repayment plans for our clients which sets us apart from other financial institutions. This access to affordable capital has catered for urgent capital expenditure requirements for most Kenyans, particularly the burgeoning middle class with a high affinity for modern and improved automotive technology as well as meet their working capital needs.
Top Quality Services
At Smithmo Credit Limited, we ensure that our clients; whether Upstream, Core or Downstream, get quality services backed by regular customer education. We ensure the customer understands the requirements beforehand so that the process of application and award is seamless and short. It is always not difficult to access credit money, but one needs to meet all the requirements. We therefore educate our clients on eligibility requirements such as:
- Proof of business registration status and all necessary permits and licenses from the government.
- Proof of healthy personal and business credit history
- Proof of authentic financial documents to show revenue, profits, and cash flow
- Disclosure of the purpose of the loan since we do not want to be associated with funding subversive acts like terrorism or illicit drugs.
- Presence of clean collateral to secure the facility.
- Guarantors and witnesses of good repute
We are therefore very happy to be part of the community of believers in joint national prosperity and the general well-being of humanity. Therefore, Smithmo Credit Limited believes in the furtherance of the 17 UN Sustainable Development Goals and supports their outcomes for the realization of a better society; a better prosperous world!
Article by Evans Peter | Writer and Technology Enthusiast | eoriwo2012@gmail.com
