The GWM P300 SX pickup on display at Double Q’s showroom during the launch of the new Vehicle and Asset Finance partnership with dfcu Bank and ICEA Lion. The P300 SX is among the vehicle models available under the partnership, which provides customers with financing and additional ownership benefits.Many businesses depend on vehicles and equipment to expand operations, improve efficiency and pursue new opportunities. However, the upfront cost of acquiring these assets can put significant pressure on working capital, delaying investment and growth. Through a new partnership with Double Q Company Limited, dfcu Bank is seeking to change that. Gloria Namutebi Ssuuna, Head of Vehicle and Asset Finance at dfcu Bank, explains how the partnership will help businesses acquire productive assets and support growth across key sectors of the economy.Gloria Namutebi Ssuuna, Head of Vehicle and Asset Finance at dfcu Bank speaks during the panel discussion during partnership launch of VAF between dfcu Bank, Double Q and ICEA Lion.Q: dfcu Bank has partnered with Double Q to ease vehicle ownership. What gap in the market are you trying to solve?Gloria: Many businesses in Uganda have strong demand, viable opportunities and clear expansion plans, but the high upfront cost of acquiring trucks, machinery and equipment often delays those investments. Most businesses, especially Micro, Small and Medium Enterprises (MSMEs), get stuck because they cannot pay 100% cash upfront for a truck, forklift or other equipment. This delays their growth. With Double Q, dfcu is addressing this gap by offering up to 90% financing for commercial assets and up to 100% for passenger and electric vehicles. Asset financing enables businesses to acquire the tools they need to grow while preserving working capital for day-to-day operations.Q: Why did you choose Double Q and ICEA LION as strategic partners?Gloria: The partnership with Double Q brings financing and asset supply together in one ecosystem. Customers can identify quality equipment from a trusted distributor and access financing through dfcu under one arrangement. This creates greater convenience, shortens acquisition timelines and gives businesses confidence that they can secure both the asset and financing they need. Double Q brings globally recognised brands such as SINOTRUK, XCMG, GWM and Heli, which are proven in tough Ugandan conditions. They also provide genuine spare parts, warranties and after-sales support, reducing downtime. ICEA LION provides competitive insurance that protects the asset from day one, as well as a tracking device that enables us to monitor the vehicle 24/7. When you combine dfcu’s financing expertise with these services, the customer gets one package covering finance, insurance and maintenance. That de-risks the investment for both the business and the lender. It is about making ownership easier.A SINOTRUK HOWO M2 commercial truck on display at the Double Q showroom in Bugolobi, Kampala, during the launch of the dfcu Bank–Double Q Vehicle and Asset Finance partnership.Q: Who qualifies to benefit from this arrangement?Gloria: This facility is open to both businesses and individuals who need productive assets to grow. Whether you are an SME, logistics company, contractor, farmer, manufacturer, trader, hospital or any business that uses vehicles or equipment to generate income, you can benefit. Even non-dfcu customers qualify. All they need to do is walk into any of our branches across the country. As long as you have viable cash flow and the asset will generate income, you qualify. There is no need to pay 100% upfront.Q: SMEs make up 90% of Uganda’s private sector. How do you expect this partnership to impact their ability to scale, create jobs and preserve working capital?Gloria: Using cash to buy expensive assets often leaves businesses with limited liquidity to finance operations, purchase stock or meet payroll obligations. Asset financing enables businesses to preserve working capital while acquiring equipment that immediately starts generating income. In many cases, the asset effectively contributes to servicing the financing through increased productivity and revenue generation. By preserving working capital, businesses can say yes to opportunities instead of waiting.Q: Walk us through the financing terms and why you came up with them.Gloria: We finance up to 90% of the value of commercial trucks and up to 100% for selected electric and passenger vehicles. Repayment periods extend to five years for commercial trucks and up to seven years for selected passenger and electric vehicles. With a monthly repayment of Shs2.3 million, a customer can acquire a brand-new vehicle worth Shs95 million without a single upfront payment. We also tailor repayment schedules to match customer cash flows, whether monthly, quarterly, semi-annually or annually. For example, a commercial coffee farmer can repay after the harvest season. The terms were designed around the asset’s earning life. Commercial trucks and equipment earn over five years, so we matched the tenor to that, while passenger and electric vehicles can go up to seven years because they have a longer useful life and lower running costs.Q: The partnership includes green financing for electric and hybrid vehicles. How big is demand for EV asset financing in Uganda, and what role does dfcu want to play?Gloria: Demand for EVs is still low but growing, especially among corporates and tech-savvy entrepreneurs looking to cut fuel costs. An EV can reduce fuel spending by 40-60%. For example, charging a battery costs about Shs30,000 and can take you 180 kilometres, roughly the distance from Kampala to Jinja and back. As dfcu, we see our role as financing this transition. Sustainability is a key aspect of the partnership. The range of GWM vehicles available through Double Q includes hybrid and electric models that help reduce fuel consumption and emissions while maintaining the performance, comfort and reliability customers need. By combining access to these vehicles with dfcu Bank’s financing solutions, the partnership is making it easier for businesses and individuals to adopt cleaner mobility options and contribute to a more sustainable future. We expect EV financing to grow significantly over the next few years as charging infrastructure improves.One of the new vehicles on display. The collaboration seeks to give businesses and individuals greater flexibility in acquiring vehicles and equipment while preserving working capitalQ: Beyond the loan, customers get insurance, maintenance, extended warranty and dealership discounts. Why bundle these ownership benefits?Gloria: For us, it is about creating a good experience for our customers. A loan alone does not guarantee success. We have bundled insurance, maintenance and warranty to protect both the customer’s investment and our loan. It gives the customer peace of mind and maximises vehicle uptime. It is the difference between selling finance and enabling a business. We want the asset to work, earn and enable the customer to repay with ease.Q: Asset finance carries risks, especially with equipment and vehicles. How is dfcu managing depreciation, defaults and insurance claims?Gloria: dfcu takes risk management seriously. We finance assets with strong resale value and proven reliability, which is why Double Q’s brands matter. We also take security in the asset itself and require comprehensive insurance with ICEA LION from day one. This covers accident, theft and fire. Operationally, we monitor the assets through tracking devices and work closely with Double Q on service records. The partnership structure actually lowers risk because the asset is productive from day one and is well maintained.Q: dfcu already partners with suppliers such as World Navi and Meta Plant & Equipment. Do you plan to replicate this model with other players, and how important is VAF to dfcu?Gloria: dfcu wants to have more strategic partnerships that address the needs of our customers and give them a good experience. We are looking forward to having strategic partners in agriculture and medical equipment. Given the climate change we are experiencing, we also want to play a role in growing solar-powered irrigation in Uganda. dfcu is taking the lead in pushing the green financing and sustainability agenda. dfcu is a pioneer of Vehicle and Asset Financing in Uganda and continues to give it priority because we know it is an engine for growth for many businesses and the economy at large. Productive assets are at the heart of economic transformation because they enable businesses to increase capacity, improve efficiency and create value.Q: What is your final message to customers?Gloria: To all Ugandan businesses and entrepreneurs, your growth should not wait because of upfront costs. Through this partnership with Double Q, we have made it easier to own the trucks, equipment and vehicles that move your business forward. Whether you are already banking with dfcu or not, I invite you to walk into any dfcu branch countrywide so that we can structure a solution that preserves your working capital and helps your business grow. As dfcu, we are not just financing assets. We are financing your ambition. The post No 100% Upfront Needed: Inside dfcu and Double Q’s New Asset Finance Deal appeared first on Business Focus.