Double Q, dfcu Bank and ICEA LION General Insurance bundle up to 100% financing, comprehensive motor insurance and after-sales support into a single deal for fleet owners and transport operators
Ugandan businesses looking to move beyond ageing, imported vehicles now have a faster route to owning brand-new commercial fleets. Double Q, dfcu Bank and ICEA LION General Insurance have signed a strategic partnership that bundles vehicle supply, financing and insurance into a single package, tackling what has long been one of the biggest barriers to fleet renewal: access to capital.
Under the deal, dfcu Bank will finance between 80% and 100% of the value of eligible commercial vehicles and equipment, allowing businesses to acquire trucks, buses and machinery without draining the working capital they need to keep operating. ICEA LION General Insurance completes the package with comprehensive motor cover against accidents, theft, fire and third-party liability.
The timing is significant. Industry estimates put 85% of vehicles entering Uganda as second-hand, with new vehicles accounting for just 15% of the market — a gap driven largely by affordability. The three partners are betting that a bundled, more accessible offer can help shift that balance, particularly in the commercial vehicle segment, where businesses are increasingly weighing total cost of ownership rather than sticker price alone.
“At Double Q, our mission is to let our customers succeed,” said Richard Musani, Head of Marketing at Double Q Company Limited. “Access to affordable financing has been one of the biggest barriers preventing businesses from investing in new commercial vehicles. By partnering with dfcu Bank and ICEA LION General Insurance, we are removing that barrier and giving customers an end-to-end solution that combines world-class vehicles, flexible financing and comprehensive insurance protection. This partnership empowers businesses to invest in productivity today while positioning themselves for long-term growth.”
Musani also pointed to Double Q’s expanding electric and hybrid vehicle lineup as a direct response to rising fuel costs. Customers can now access the GWM Tank 500 and Haval H6 as plug-in hybrid electric vehicles, the Sinotruk HOWO NX Tractor Truck in EV, the XCMG Wheel Loader in EV and the Heli 5-tonne Forklift in EV. “We recognise that fuel costs are an important consideration for our customers, and we are responding by expanding access to practical alternative mobility solutions across our product range,” he said.
For Double Q Managing Director Lin Yu, the pitch is about reframing the purchase decision itself. “Modern commercial vehicles deliver measurable business value through improved fuel efficiency, enhanced safety, greater reliability and lower operating costs,” he said. “Combined with our professional after-sales support, genuine spare parts and manufacturer-backed warranties, customers can maximise vehicle uptime and achieve stronger returns on investment. We are proud to partner with dfcu Bank and ICEA LION General Insurance to make these benefits more accessible to businesses across Uganda.”
dfcu Bank’s Executive Director and Chief Corporate and Institutional Banking Officer, Kate K. Kiiza, said the financing arrangement was designed to unlock growth rather than tie up cash. “Through our asset financing solutions, eligible customers can finance up to 100% of the purchase price of commercial vehicles and equipment, allowing them to preserve working capital while investing in productive assets,” she said. “We are delighted to partner with Double Q and ICEA LION General Insurance to provide a financing solution that supports enterprise growth, job creation and Uganda’s economic development.”
Ambrose Kibuuka, Chief Executive Officer of ICEA LION General Insurance, said protecting the asset matters as much as financing it. “Every commercial vehicle represents a significant investment, and protecting that investment is critical to business continuity,” he said. “Together with Double Q and dfcu Bank, we are delivering a seamless end-to-end mobility solution that enables customers to acquire, finance and protect their vehicles with confidence.”
Beyond the balance sheet, the partners say the shift to newer vehicles carries an environmental dividend too: new-generation commercial vehicles run cleaner than the ageing imports they replace, producing lower emissions and better fuel efficiency.
The partnership is expected to reach businesses across logistics, construction, agriculture, manufacturing, mining, distribution and public transportation, backed by Double Q’s after-sales network of genuine spare parts, technical support and manufacturer-backed warranties.
Interested customers can learn more about eligible vehicle models and financing options at any Double Q showroom or dfcu Bank branch nationwide.
