By Guardian Correspondent , The Guardian
Bank of Africa (BOA) Tanzania and CFAO Mobility Tanzania Limited have partnered to improve access to vehicle financing for entrepreneurs, professionals, small and medium-sized enterprises (SMEs) and businesses seeking to expand their operations.
The partnership, formalised through a memorandum of understanding (MoU), will enable eligible customers to acquire new and qualifying pre-owned vehicles from CFAO Mobility while spreading the cost through structured financing.
The initiative is expected to support business expansion, transportation, logistics, trade and tourism by improving access to vehicles from leading brands distributed by CFAO Mobility, including Mercedes-Benz, Suzuki and Fuso.
CFAO Mobility Tanzania Chief Executive Officer (CEO), Ali Timimi, said the partnership would make mobility more accessible by linking customers with suitable vehicles and practical financing options.
“At CFAO Mobility Tanzania, we believe mobility is an important driver of economic opportunities. For many of our customers, a vehicle is not simply a means of transport; it is an asset that helps them run a business, serve their customers, grow their operations and create value,” he said.
Timimi said combining BOA Tanzania’s financing capabilities with CFAO’s automotive expertise would provide customers with a more seamless journey, from selecting a vehicle to securing the financing required to put it to productive use.
He added that the partnership’s impact would ultimately be measured by the economic opportunities created through vehicle ownership, including business expansion and fleet growth.
BOA Tanzania Head of Corporate Banking, Khalifa Zidadu, said the partnership would help address the financing gap faced by customers seeking productive assets while preserving cash flow for their businesses and households.
“Vehicles are particularly important because they are not only a means of transport; for many entrepreneurs and businesses, they are income-generating and productivity-enhancing assets,” Mr Zidadu said.
He said the major challenge for many customers was meeting the upfront cost of a vehicle without putting pressure on liquidity.
“This partnership addresses that gap by combining CFAO’s trusted vehicle brands and automotive expertise with Bank of Africa Tanzania’s financing capability, giving customers a structured pathway to acquire the vehicle they need without placing unnecessary pressure on their liquidity,” he said.
BOA Tanzania Head of Retail Banking, Asupya Nalingigwa, said the partnership had been designed to simplify the vehicle acquisition process.
“Our vehicle asset finance solution offers eligible customers financing depending on ability to pay, with a repayment period of up to 48 months, for the purchase of new and eligible pre-owned vehicles from CFAO,” Nalingigwa said.
The facility includes competitive interest rates, a minimum customer contribution, comprehensive motor insurance and life cover.
Nalingigwa said the two companies had worked to create a coordinated customer journey, allowing eligible customers to move efficiently from vehicle selection to financing and acquisition.
CFAO Mobility Director of Marketing and Sales, Tharaia Ahmed, said the partnership would create opportunities for farmers, business owners and entrepreneurs involved in transporting goods and delivering services.
“Our vehicles are of high quality and environmentally friendly. This presents a unique opportunity for farmers transporting produce from farms to markets, as well as businesses transporting various goods outside the country,” Ahmed said
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