Leasing Industry Leaders
USA is the world’s most mature leasing market, enjoying about 43.82% vehicles and machinery lease market share. Presently, Asia and Europe are experiencing large-scale infrastructure development activities, which is up surging demand for construction equipment. Also, as most of the projects are undertaken with private investment money, where the utilization of equipment is limited to a short duration, contractors prefer to use equipment on a rental basis.
The vehicle and assets and leasing industry is gaining huge tractions across the world. Even though, in developing economies, such as Kenya, the industry is still in the nascent stage, it is predicted to witness high growth in the future. An upsurge in the awareness of the vehicle and equipment leasing industry and growing investment will drive the equipment rental market.
Kenya is currently leading in leasing sector within East Africa. We have listed for you top players in this industry. VAELL is the leading leasing firm in the region and among the pioneers in the country. We might not be able to tell you exactly which other company is second or third in the list but here is a brief description for some of the key leasing firms in Kenya.
Vehicle and Equipment Leasing Limited (VAELL) is the largest asset leasing, maintenance and consulting in Eastern and Central Africa region. It has presence in the automobile, healthcare, mining, agricultural, telecommunication, construction, gas and oil sector. VAELL, the leading provider of integrated leasing services for a broad range of moveable assets and machinery across the region, has geographical coverage with fully fledged subsidiaries in Uganda, Rwanda, Tanzania and Zambia. The leasing firm has a correspondent relationship with other leasing companies in South Africa and India. It facilitates clients with vehicles and machinery throughout the region from any one country office across its network.
In 2014 VAELL won the award for the Best in Transport, in the Top 100 KPMG/Business Daily survey, and 2015 shot into Club 101 in the same survey. It has scooped 14 awards in the last 5 years.
Vaell is in over 23 countries of Africa. It is also has footprints in Asian Market.
2. RentWorks East Africa Ltd
RentWorks East Africa Limited provides rental finance solutions directly to a global customer base comprising large and medium size organizations. It has developed innovative specialized rental solutions encompassing a wide range of equipment types.
RentWorks operates in 7 countries on 4 continents. Their rental solutions allows customers to redirect their capital towards investment in the assets that appreciate rather than assets that drop in value quickly, while at the same time spreading the cost of rental equipment over its useful life.
RentWorks started as an operating lease company in Australia in 1988; RentWorks East Africa was established in 2003 as joint venture between the RentWorks group and Shanduka Group of South Africa – a black empowerment investment group associated with Cyril Ramaphosa and Samara Capital representing local shareholding.
3. Rentco East Africa Limited
RentCo East Africa Limited is a private limited company that started with the sole purpose of providing off and on balance financing through our tailored and customized leasing products to both the private and public sector in Kenya and the sub-Saharan Africa.
4. NIC bank leasing
NIC Leasing LLP was registered in March 2015 and is a partnership between NIC Bank Limited and Mercantile Finance Company Limited.
Their leasing services in Kenya are currently available for Small and Medium Size Enterprises (SME’s), Corporates and Government both County and Central Government. With an operating lease, the lessee is allowed to use an asset over a specific period of time in return for periodic payments based on partial payout of the capital cost of the asset. It does not convey the right of ownership of the asset.
5. Simba corp
Simba Leasing is a subsidiary of Simba Corporation. It began as one of Kenya’s most successful indigenous commercial organizations with a very rich heritage in motor vehicle sales and service. Simba Corporation is an integrated business group headquartered in Nairobi, Kenya with controlling interests in such diversified fields as motor sales and service, hospitality, investment and financial services.
Simba Leasing provides attractive vehicle leasing options coupled with high quality service to both corporate and fleet clients. They provide innovative solutions in both the passenger and commercial vehicle categories. Simba Leasing pioneered vehicle leasing in Kenya, way before the concept was adopted by other motor companies.
Some of their multinational clients in Kenya include P&G, Eaton, L’Oreal and Coca-Cola.
6. QUIPBANK TRUST LIMITED
Quipbank Trust Limited is Africa’s leading equipment bank which offers vehicles and equipment rental and sales options. It specializes in mining and construction equipment, agricultural equipment, automotive, trucks and trailers. Quipbank, the E. Africa’s largest equipment sharing platform, has partnered with leasing companies across the region to dispose and rent surplus good quality used equipment. It has also partnered with local and regional banks to rent equipment of distressed firms to enable debt mitigation. It stocks assets from leading brands to offer efficient output and reduce the cost of construction and development of Africa.
7. Ryce East Africa Limited,
Ryce leasing as a division of Ryce East Africa started in 2006 after identifying the benefits that current customers could get by leasing Vehicles instead of buying. Ryce Leasing has the capacity to provide whatever number of vehicles required by our clients. Ryce leasing has partnered with Large Corporate, FMCG Distributors, and Banks & Financial institutions International Schools, resulting to a fleet of over 300 vehicles from Ryce Leasing. Ryce East Africa Ltd is a pioneer member of the Sameer Group.
RYCE has a branch in Mombasa, and has partnered with other dealers across the country to provide essential after sales service in all regions of Kenya. It is an ISO 9001:2008 certified company.
8. Zohari leasing
Zohari Leasing Limited is a wholly owned subsidiary of Centum Investment Company Limited and was established in April 2016.
Centum Investment Company Limited is the leading investment company in East and Central Africa and is listed on the Nairobi Securities Exchange and Uganda Securities Exchange.
For the 2014 – 2019 strategy period, Centum targets to build new businesses in eight different sectors namely: Real Estate, Energy, Fast Moving Consumer Goods (FMCG), Financial Services, Education, Healthcare, Agribusiness and ICT. These new businesses will ultimately provide an investment channel of choice for investors seeking opportunities across these different sectors in Africa.
Zohari Leasing Limited falls under the Financial Services sector in the Centum’s strategy.
9. Star rentals and leasing
Star Rentals Ltd offers Vehicle and Equipment Leasing in Kenya
They are one of the newest leasing firms in the country.
10. Rivieres finance limited
Rivieres Finance Limited, a member of LAK Kenya, is one of Kenya’s leading leasing company offering a wide range of operating lease solutions.