Equity Bank has partnered with American agricultural equipment manufacturer AGCO to enable its farmer customers acquire the firm’s Massey Ferguson tractors and accompanying implements via an 80 percent credit line payable within 48 months.
The deal will see sole franchise holder FMD East Africa channel funding from AGCO to local agribusinesses and individuals.
Equity Bank #ticker:EQTY has partnered with American agricultural equipment manufacturer AGCO to enable its farmer customers acquire the firm’s Massey Ferguson tractors and accompanying implements via an 80 percent credit line payable within 48 months.
The deal will see sole franchise holder FMD East Africa channel funding from AGCO to local agribusinesses and individuals.
FMD general manager Fergus Robley said their partnership addresses a major missing link to better farm husbandry that enables farmers to venture into commercial farming.
“This partnership provides the missing link from those wishing to own by enabling them to actualise their plans on making farming profitable. FMD will also provide aftersales services that it includes [making available] spare parts and equipment maintenance,” he said in a statement.
Equity Bank, he said, had agreed to offer a comprehensive insurance package at annual premium of two percent based on a tractor’s value.
The lender’s credit associate director Sam Ndung’u said this was aimed at enhancing availability with farming communities.
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