Stanbic Bank Kenya has financed a significant fleet acquisition deal, enabling Vivo Energy Kenya to secure 69 state-of-the-art Hyundai Tucson vehicles for its sales teams. This milestone partnership brings together RentWorks East Africa, Caetano Kenya, and Heritage Insurance to facilitate the acquisition, maintenance, and insurance of the fleet.
The 48-month financing agreement underscores Stanbic Bank’s commitment to empowering businesses through tailored asset financing solutions. Speaking at the official handover ceremony, Dr. Joshua Oigara, Chief Executive of Stanbic Bank Kenya and South Sudan, highlighted the significance of the partnership.
“At Stanbic Bank, we take a value-based approach to supporting our clients. Leveraging our expertise, financial capabilities, and reach, we are intentional about connecting our clients to the right partners and solutions that meet their needs efficiently and sustainably. This partnership reflects our financial capability and continued focus on building ecosystems that benefit our clients. We are proud to be at the forefront of vehicle asset financing and leasing in Kenya and remain committed to fostering our relationship with all partners for continued growth,” said Dr. Oigara.
Vivo Energy Kenya, the company that distributes and markets Shell products and services in the country, expressed its confidence in the collaboration. Managing Director Mr. Peter Murungi emphasized the importance of the partnership in supporting business continuity.
“Today, we are entering into a strong business partnership that has enabled us to access 69 high-quality vehicles, which will enhance our operations at Vivo Energy Kenya. The collaboration includes RentWorks East Africa, through whom we are acquiring the vehicles, Caetano Kenya, who will manage the maintenance, Stanbic Bank, our financing partner, and Heritage Insurance, who will provide comprehensive coverage. These vehicles meet all our company safety requirements, including the installation of OBCs and cameras, prioritizing the safety of our staff,” said Mr. Murungi.
Caetano Kenya, the authorized Hyundai dealer in Kenya, has successfully delivered the 69 units of the 2025 Hyundai Tucson, reinforcing Hyundai’s strong presence in the local automotive market.
“Our ability to support large-scale projects such as this one is a testament to the strength and reach of the Caetano Group,” said Aurelien Glay, Managing Director of Caetano Kenya. “We are proud that despite the current market challenges, we have delivered a fleet that meets the high standards of a company as respected as Vivo Energy Kenya.”
Silvanus Wambua, Fleet Sales Manager at Caetano Kenya, described the deal as the biggest fleet acquisition in Caetano’s history and a testament to Hyundai’s growing market influence in Kenya.
RentWorks East Africa, a leader in fleet leasing solutions, played a pivotal role in structuring the agreement. Mr. Johan Taljaard, Executive Director of RentWorks East Africa, reiterated the company’s commitment to delivering high-quality vehicles to meet the needs of businesses.
“We are thrilled to expand our partnership with Vivo Energy Kenya and provide them with top-tier vehicles that will drive their success. RentWorks is committed to delivering exceptional equipment leasing services and providing the best-in-class vehicles to meet the diverse needs of our customers,” said Mr. Taljaard.
Ms. Cynthia Abiero, Commercial Manager at RentWorks, added, “We are proud to have partnered with Caetano Kenya and Stanbic Bank to deliver custom-spec, high-end 2025 Hyundai Tucson SUVs that are competitively priced for Vivo Energy Kenya. It has been a positive experience, and we look forward to our continued partnership.”
Heritage Insurance, affiliated with Liberty Group, will provide comprehensive insurance coverage for the fleet.
“At Heritage Insurance, we recognize that vehicles are more than just assets; they drive business success. Our motor private comprehensive insurance empowers our partners, RentWorks EA Ltd and Vivo Energy Kenya, to operate with confidence, offering robust protection against unforeseen risks, including accidents, theft, fire, and third-party liabilities,” said Rosalyn Mugoh, Managing Director of Heritage Insurance.
This financing deal comes at a time when Kenya’s automotive industry faces significant challenges, including high import duties, increased vehicle costs, and restricted access to affordable vehicle financing. Despite these hurdles, Hyundai continues to cement its presence in the market with innovative designs, advanced technology, and exceptional performance, as evidenced by the selection of the 2025 Hyundai Tucson by Vivo Energy Kenya and RentWorks East Africa.
