NIC Bank Group has partnered with lifestyle retailer Deacons Kenya Limited’s LifeFitness brand to provide leasing facilities for gym equipment targeted at local corporates. The partnership will see NIC Leasing LLP, a full subsidiary of the Group, offer financing to corporate customers looking to invest in gym equipment from LifeFitness.
NIC Bank’s Executive Director, Alan Dodd noted the leasing subsidiary was launched as a natural evolution for the Bank as it now provided customers with equipment and financing all under one roof. Previously the bank would link customers with leasing companies and provide the financing.
“This partnership is one of many we are pursuing in the market in a bid to ease the acquisition of equipment for our customers in a financially prudent way. We are seeing leasing gaining popularity in the market led by the government which has opted to lease vehicles and medical equipment,” said Mr. Dodd during the signing of the partnership at The LifeFitness store in Sarit Centre.
The Group launched NIC Leasing LLP in February 2015, the first for a Kenyan Bank. This fits into the Bank’s long term strategic plan which is anchored on an aggressive growth strategy especially Asset Finance, where NIC Bank is the current market leader.
Leasing allows for corporates to optimise cash flow management by freeing up working capital which can be reinvested.
Deacons Kenya Limited opened its LifeFitness store in April 2010 and has seen growth driven by corporates and individuals move to live healthier lives.
“We are very excited about the leasing partnership by Deacons and NIC Leasing LLC as it allows us to meet the needs of our wide customer base with high quality LifeFitness equipment through flexible financing terms,” said Deacons Chief Executive Officer Mr. Muchiri Wahome during the launch.
Deacons recently acquired Cybex, a brand that offers a robust line of commercial cardiovascular and strength fitness equipment building on the LifeFitness brand thus offering the global standards and innovative equipment in the market.
“Exercise is now becoming vital especially because of our sedentary lifestyles. At LifeFitness, we recommend our customers to adopt an exercise regimen that best fits into their daily program.”
The partnership offers 100% financing from NIC Leasing LLP and covers three tiers (Silver, Gold and Platinum packages) including insurance and covering the main gym equipment of strength and cardio plus accessories depending on the size, type of equipment and budget. Customers will also get free installation and commissioning with the option to either buy back the equipment, through a third party, or extend the lease terms.
Also present at the signing of the partnership were Group Managing Director of NIC Bank Mr. John Gachora, Deacons Kenya Limited Chairman Mr. Peter Njoka, Secretary General of Kenya Red Cross Dr. Abass Gullet, the Kenya Sevens Rugby team and members of Kenya Rugby Union.