Posts by VAELL ICT

    VAELL Logo

    Way back in time, different symbols represented different ideologies. You might be wondering what VAELL logo means? Have you asked yourself what the star in our logo means? The four pointed star represented true justice and righteousness. It was also a symbol of “Utu” believed to be ubuntu (People of Utu) is sourced I am because we are.

    We are proud of a symbol of justice and righteousness. It balances and defines our own products. It also represents our ultimate objective for every action we undertake. For every peril overcame, a quality is developed in gifts; clarity, discernment, radiance, energy, warmth,equality.

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    VAELL ROLLS ZERO EARLY RETURN COST LEASE

    Regional leasing firm, Vehicle and Equipment Leasing Limited (VAELL), has launched Zero Early Return Cost lease program dubbed ‘Time Share’ to help businesses and individuals withstand fluctuating business environment. The lessor becomes the first firm to implement lease break program for SME’s and the broader market in the region and is expected to bring new development to the ordinary lease. The existing lease locks clients throughout the lease period without an exit plan. Many people feel the lease is cost-demanding because you have to pay for the asset even when not using it. The idle equipment turns to be a liability rather than an asset, lowering profit margins. In finance lease you cannot take a break while servicing a loan. When loanee fails to pay the banks the agreed amount they face the risk of their assets being repossessed.

    Individuals and institutions which only require assets services during peak seasons fear incurring losses while paying for the asset once the demand goes down. Hence, the new lease will gives them an opportunity to lease the asset at a time of demand and return to the lessor after the use.  This comes as a sigh of relief to businesses that are seasonal as the product allows clients to return assets until such a time a contract is renewed.  

    Bertha Mvati, lessor’s MD for Kenya said, “This will provide break options for our clients and is in compliance with the new IFRS rules. We have not attached legal demands when a client decides to take a break before the lease maturity. If your business is seasonal, why should we lock you in?”

     “This lease program is very flexible and allows clients to end their leases early without penalties. This offer may create substantial equity for our customers,” said Bertha Mvati.

    Time Share is designed for companies and individuals to free their leases from financial commitment should their personal circumstances change unexpectedly, for instance if their contract or tender is cancelled suddenly. It enables the lessee to hand the asset back, without the worry of funding the difference between the market value of the vehicle and the outstanding finance settlement amount. Life is full of changes. The chances are that some unforeseen event and challenges resulting in a change to financial situations may happen at some stage during the term of a lease agreement.

    “We understand fluctuating business environment and we would like to help our clients. With Time Share, customers get to match their machinery requirement with not only their long term needs but also their short term needs and pay absolutely zero rest lease fees,” she added.

    The company is placing vehicles worth more than Kes. 300 million into the program. This program will benefit lessor’s clients in various African countries including Kenya, Uganda, Tanzania, Rwanda and Southern Africa Market.

    For further details and updates, please

    Contact;

    Jared Oundo,

    Corporate Communications

    VAELL,

    Email: jared.oundo@vaell.com,

    Cell: +254 719408244/0780408244

    ABOUT VAELL

    Vehicle and Equipment Leasing Limited (VAELL) is the market leader in asset leasing, maintenance and consulting in Eastern and Central Africa region. It has presence in the auto mobile, healthcare, mining, agricultural, telecommunication, construction, gas and oil sector. It has managed to diversify and expand its portfolio by offering customized solutions to suit every client’s requirement and need. 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. The leasing market leader was named in 2018 by East African Business Council Tanzania as the best East African Company in The Service Sector. The lessor has also been named in the South Africa’s Titan Building Nation awards in the outstanding achievement category.

    VAELL was recently hosted by Nairobi Securities Exchange (NSE) onto its premium incubation and acceleration programme, Ibuka. VAELL also owns Quipbank Trust Limited, equipment sharing platform and TingA, East Africa’s largest tractor share platform.

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    VAELL APPOINTS A NEW MD FOR KENYA

    Regional leasing firm, Vehicle and Equipment Leasing Limited (VAELL) has tapped Ms. Bertha Mvati from Zohari Leasing Limited, a subsidiary of Centum Investment Limited as the new Managing Director for Kenya. Ms. Mvati is expected to undertake commercial and operational roles. She brings over 10 years of leasing experience. Prior to her appointment, she was the Business Manager at Zohari Leasing Limited overseeing the company’s operations and strategy implementation. 

    She joins at a time when the lessor is set to launch new products in the market targeting the end consumer. VAELL is launching new products for the mass market to compliment the current products that targets mainly the corporate clientele. The new products are expected to boost the growth of the small business segment. This includes a massive US $ 5 Million investment in TingA, their flagship agriculture leasing brand. Ms. Mvati will be a focal point in the Kenyan market in commercializing leasing as well as offering a range of financial solutions for a broad range of clients.

    Commenting on her appointment, Ms. Mvati said: “I am looking forward to building on the efforts made by everyone in the company over the past few years, cementing our hard-earned reputation for service quality and working to grow the business from what is now a very sound base.”

    Before moving to Centum’s subsidiary, she was a member of VAELL’s senior management where she helped the lessor to emerge with a more consistent approach across all operating regions and a focus on quality of service. In 2014, she contributed to the lessor joining club 101 after being named first runner-up in the Top 100 survey, an initiative of KPMG and Nation Media Group that seeks to identify Kenya’s fastest growing medium-sized companies in order to showcase business excellence and highlight some of the country’s most successful entrepreneurship stories. VAELL has scooped 14 awards in the last 5 years. It first featured in Top 100 KPMG awards in 2012.

    https://www.businessdailyafrica.com/corporate/companies/Vaell-picks-Centum-executive-for-top-job/4003102-5020256-2tndpnz/index.html

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    Lender ordered to pay Vaell Sh8m; legal tussle

    Jamii Bora Bank has been ordered to pay Vehicle and Equipment Leasing (VAELL) Sh8 million for interest it overcharged the firm on a loan.

    In the court ruling documents seen by The Standard, the court established that the lender had overcharged VAELL interest rates of up to 28 per cent – double the 14 per cent set by the law capping interest rate charged by financial institutions.

    According to the law, banks can be fined up to Sh. 1 million for charging loans at more than four percentage points above the base rate published by CBK.

    VAELL filed the case against Jamii Bora Bank in 2016 after the lender repossessed its assets leased to clients.

    The court established that the bank had failed to effect the new provision of the amendment of the Banking Act with respect to the interest rate and overcharged VAELL by Sh8.040 million.

    The bank was also found to have repossessed the assets VAELL leased to clients while the arrears were less than the excess interest.

    Milimani High Court Judge (Commercial and Tax Division) James Makau said the bank misled the court to believe that the rates it charged were as agreed in the agreement and that it was pre-determined, pre-calculated and agreed upon.

    This was after the court asked the Jamii to supply VAELL with a statement of accounts showing the interest rates the bank had charged the firm since September 14, 2014.

    “It was after the supply of the statements and subsequent reconciliation that it became apparent to the plaintiff that the bank had misled the court that the interest rates had been pre-calculated and that the bank had been verifying the interest rates and based on that discovery, the applicant preferred this application review.”

    The court ruled that the bank unlawfully attached VAELL’s assets and ordered it to return them.

    Justice Makau also ordered the bank to apply the lawful lending rate of 14 per cent on all the loan facilities that VAELL had with the bank.

    https://www.standardmedia.co.ke/article/2001309478/bank-ordered-to-pay-vaell-sh8m

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    VAELL considers Initial Public Offer

    Vehicle and Equipment Leasing Limited (VAELL) has initiated the process needed to go public in February 2019, a move that will help the leasing giant raise $10 million to strengthen its Asia and Southern Africa partnerships. The company has appointed a consultant to advice on the process. The listing will give the leasing market leader greater managerial autonomy to advance its own growth strategy. The amount of securities offered will be determined by market conditions and other factors at the time of the offering. The lessor will communicate the percentage of shares they will offer by end of January 2019 after the board’s approval. According to the companies audited accounts for financial year 2017, the lessor’s profitability was stable though its turnover decreased by 3.5% due to the political climate, however net profitability increased to 20% on a turnover of KES. 1.418 billion.

    VAELL also owns the Quipbank equipment sharing platform and TingA tractor sharing platform. TingA was recently quoted as having won contracts from EABL for sorghum growers in Nyanza. In 2017 TingA, East Africa’s largest tractor share platform, won a grant of $500,000 from Alliance for a Green Revolution in Africa (AGRA). TingA is VAELL’s youngest brand and they aim to use the IPO to expand that success into other industrial equipment. Quipbank has been recently quoted as having won tenders to build dams in Narok County.

    VAELL has consistently posted strong earnings and profitability and is leading in regional growth with subsidiaries in Uganda, Rwanda, Tanzania and Zambia. The leasing firm has a correspondent relationship with other leasing companies in South Africa and India. Asked about the secret of lessor’s success in the industry, the VAELL’s Chairman Joseph Kiiza said, “We attribute our success to God Almighty. We normally start with prayers every Monday morning, actively praying for our clients’ success and wellbeing. A successful client is a successful business”

    For further details and updates, please

    Contact;

    Jared Oundo,

    Corporate Communications

    VAELL,

    Email:jared.oundo@vaell.com,

    Cell: +254 719408244/0774408244

     

    ABOUT VAELL

    Vehicle and equipment leasing limited (VAELL) is the market leader in asset leasing, maintenance and consulting in Eastern and Central Africa region. It has presence in the auto mobile, healthcare, mining, agricultural, telecommunication, construction, gas and oil sector. It has managed to diversify and expand its portfolio by offering customized solutions to suit every client’s requirement and need. 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. The leasing market leader was named this year (2018) by East African Business Council Tanzania as the best East African Company in service sector. The lessor has also been named in the South Africa’s Titan Building Nation awards in the outstanding achievement category.

    About Quipbank Trust Limited

    Quipbank Trust Limited (QB) is a short term rental firm established in 2014 as a subsidiary company to Vehicle and Equipment Leasing Limited (VAELL), a leading independent leasing firm in the region.

    QB stores and rents /sales out idle equipment on behalf of the owners through a shared resource use economic model. Further we deal with disposal of ex-lease as well as new dealer based equipment. Our clients include contractors, farmers, county governments as well as corporate entities.

     

     

     

     

     

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    QUIPBANK HANDS OVER EX-LEASE VEHICLES

    PRESS RELEASE

    There was a handover of ex-lease vehicles to a number of corporates and individuals at Quipbank’s yard, Buffalo Mall, Naivasha. Quipbank handed over the units to SMEs and individuals including KOBO Safaris Ltd among others. VAELL earmarked Quipbank as its ex-lease disposal partner to sell ex-lease cars direct to consumers.

    Quipbank has a fully-fledged ex-lease car disposal scheme, it’s highly sought after by SMEs as well as individuals because ex-lease car offers more flexibility, lower costs and ultimately allows the SME or the individual consumer to almost trade up a car. This, combined with having the full maintenance history of the car and affordable prices, enables clients to get more value with less capital.

    During the handover ceremony, Ms. Helen Nduta, the KOBO Safaris Limited head of operations said, “we were given opportunity to view the units prior to the purchase. So far so good, the process was very smooth. The vehicles are in good condition, they will ease our operations especially during these festive seasons. We plan to acquire more units as we expand our services. These land cruisers can withstand all weather roads and even access remote areas even during rainy seasons.”

    KOBO Safaris Ltd joins other key corporate bodies and SMEs which have benefitted from the mega sale in their bid to strengthen their position in regional markets. With such fairly priced equipment, companies are getting an opportunity to scout and obtain a range of equipment with ease without travelling expenses to distant show rooms.

    “Some of our vehicles are still at KVM and we are expecting them to be returned once the process is completed in the next few days,” said John Mogire, Quipbank Trust Limited’s commercial director.

    “Each client is unique and has unique needs. We have different products for different clients and we endeavor to create new products as need arises to meet their needs,” added Quipbank’s commercial director.

    For further details and updates please contact;

    Jared Oundo,

    Corporate Communications,

    Email: jared.oundo@vaell.com,

    Cell: +254 719408244/0780408244

     

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    Government leases vehicles through Vehicle and Equipment Leasing Limited. (VAELL)

    President Uhuru Kenyatta has flagged off the third batch of vehicles which have been part of the vehicles acquired through government’s leasing programme. The event that took place at Uhuru Park, saw over 500 police vehicles distributed to various police departments. Some of the vehicles have been leased through Vehicle and Equipment Leasing Limited (VAELL), the leasing market leader in Eastern and Central Africa.

    Since 2013, the government has leased 2,720 police vehicles in a move aimed at cutting costs and improving police mobility in their daily operations within the country.

    Mogire John, VAELL’s head of Business development, said that over a decade ago, the government, corporates and SMEs have ventured into leasing arrangements which enables them to concentrate on their core business, cut business operational costs and increase efficiency in their day to day operations.

    Speaking to the media, Mogire has encouraged county governments to emulate the national government in leasing of vehicles, medical equipment, construction equipment, as well as agricultural implements.

    VAELL has rolled out a single lease platform cover of 7 countries which enables multinational corporates to connect all their leasing services through one contact point. In addition, VAELL has the capacity to offer leasing services in over 20 other countries in Africa through off-shore structures.

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