Quipbank Trust Limited, East Africa’s equipment bank, has announced the opening of new offices in Tanzania at a cost of Tsh. 8,583,890,736.00 (KES 400 million) in the first phase as it strengthens regional presence in line with its expansion plan.
This new entry will entail strategic partnerships and service diversification through technology to meet the growing demand.
Currently, the equipment bank has branches in various parts of Kenya and Uganda, and is set to spread its wings to other countries across Africa such as DRC and Zambia. The firm which recently was ranked as best in construction and infrastructure by KMPG Kenya in its annual top 100 midsized companies’ awards offers vehicles and equipment rental and sales options. It specializes in mining and construction equipment, agricultural equipment, automotive, trucks and trailers.
Quipbank’s Sales Manager, Ms. Navoneiwa Mcharo, “We have actually been operating in Tanzania for a while through our other subsidiary and we felt it was time to officially open hubs that will be dedicated to construction to meet the growing demand in the country. Our equipment are currently working in a number of Tanzanian mines. The country is dynamic and East Africa’s largest market with lots of opportunities backed bright outlook for sustained growth. We felt it was time to officially plant our hubs and open offices in various towns in the country.”
Ms. Mcharo said, ‘‘we considered Tanzania due to its strategic importance in Eastern Africa as well as Southern Africa. It will also make it easier to coordinate other countries we are set to pitch tent in as we plan to avail the equipment network in other African nations. This will be very instrumental to us in realizing our goal of in contribution to construction and development of infrastructures in the region. Despite the fact that the current pandemic has slowed some of the job creation plans we had, we have to continue actualizing what we can without necessarily having to wait. No one knows when the pandemic will end.”
“The demand for equipment in Tanzania has really grown and hence the need to move closer to the mining sites and reduce time and distance for searching for these equipment. Sometimes getting a proper equipment to perform a specific task can be such a hustle and resource consuming. Our main aim is to significantly reduce the cost of running business by easing access in addition to providing experienced technical support,” she added.
Quipbank Trust Limited offers vehicles, equipment rental, and sales options and specializes in mining and construction equipment, agricultural equipment, automotive, trucks and trailers. It provides unique and creative solutions that meet clients’ expectations not only by realizing the business objectives but particularly by strict adherence to the ethical principles of equipment exchange.
Quipbank, the E. Africa’s largest equipment sharing platform, has collaborated 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.