For many Ugandan businesses, the biggest obstacle to acquiring a new vehicle or productive asset is not the need for one, but the affordability of making a large upfront investment.
A new partnership between ICEA LION General Insurance, dfcu Bank and Double Q Company Limited is seeking to change that equation by bringing financing, vehicle acquisition and insurance under one ecosystem, enabling customers to acquire assets, protect them and use them to grow their businesses.
Launched at the Double Q showroom in Bugolobi, Kampala, on Wednesday 12 August 2026, the partnership provides financing of up to 90% for eligible commercial vehicles and equipment, while selected passenger and electric vehicles can qualify for financing of up to 100%, subject to the bank’s assessment.
For ICEA LION, however, the proposition goes beyond helping customers acquire vehicles. It is about ensuring that the asset created through financing does not become an unmanaged financial risk.
Anita Mugabekazi, Head of Sales, at ICEA LION General Insurance, said the partnership gives the insurer an opportunity to ensure customers are protected from the risks that come with vehicle ownership.
“The customer should not have to think about financing and insurance as two separate conversations. Once they acquire the asset, they should have a solution that enables them to secure and protect it throughout its ownership,” Mugabekazi said.
The significance of that protection is particularly important for businesses whose vehicles are central to daily operations. A truck transporting goods, a pickup supporting a growing enterprise or construction equipment generating revenue is not simply a physical asset. It is part of the business’s income-generating capacity.
Ambrose Kibuuka, Chief Executive Officer of ICEA LION General Insurance, said the partnership represents a shift towards a more complete approach to asset ownership.
“Today is not simply about adding another vehicle financing product. It is about making it easier for Ugandans to acquire assets, protect those assets and use them to create value,” Kibuuka said.
He argued that financing and insurance should not be treated as separate transactions because a financed vehicle represents a significant financial and operational investment.
“A vehicle that is financed but not adequately protected represents an unmanaged risk,” Kibuuka said, stressing that insurance should be considered an integral part of the investment rather than an afterthought.
He noted that comprehensive insurance can turn potentially devastating incidents into manageable disruptions. For a transport operator, for instance, an accident involving a newly acquired vehicle can threaten both the asset and the business’s ability to continue operating.
Gloria Ssuna Namutebi, Head of Vehicle and Asset Finance at dfcu Bank, said the partnership responds directly to the affordability challenge facing customers seeking new vehicles and equipment.
“Asset finance is not simply a loan product; it is a growth tool. It allows a logistics company to add a truck, a contractor to acquire equipment or an entrepreneur to purchase a reliable vehicle without draining the cash needed to keep the business running,” Namutebi said.
She added that the partnership also opens opportunities for green financing for electric and hybrid passenger vehicles, giving customers access to modern, more efficient mobility solutions.
The partnership covers vehicles and equipment including the GWM Tank 500, GWM P300 SX pickup, HAVAL H6 GT Plug-in Hybrid Electric Vehicle, SINOTRUK commercial trucks, XCMG construction and mining equipment and Heli electric forklifts.
For ICEA LION, the underlying message is straightforward: acquiring an asset is only the beginning. Protecting it is what safeguards the investment.
As businesses expand their fleets and acquire equipment to support growth, the partnership aims to give customers three critical ingredients in one proposition: Access to capital, access to quality assets and protection against risk.
For entrepreneurs, that could mean the difference between simply owning an asset and confidently putting it to work.
