Complete tender documents must be enclosed in a plain sealed envelope marked with the tender number and tender name and addressed to:
Head of Procurement,
Vehicle and Equipment Leasing Limited,
P.O. Box 2157 – 20117,
Naivasha
The tender documents should be deposited in the Tender box placed at the reception at Quipbank, Buffalo Mall, Naivasha or be sent by email to procurement@vaell.com before the closing date and time; Friday, 8th September 2023,at 5:00 PM.
VAELL reserves the right not to respond, reject and cancel any Tender application
UTU Electric Tuk-tuks arrive at the VAELL Yard at Buffalo Mall, Naivasha – Kenya.
The firm is involved in leasing and selling new solar and electric powered automobiles dubbed ‘Utu’ distributed by its partner brand: It’s Electric Limited which is a dealer of modern electric vehicles (EVs) and charging stations. This comes in as the Kenyan government seeks to introduce electric bus units for the Nairobi capital BRT system.
Installation of solar and electric vehicle charging stations
The leasing firm has already installed solar and electric vehicle charging stations in various hubs, more notably a new charging port at the Buffalo Mall in Naivasha, where the lessor is headquartered. Naivasha is renowned worldwide as Eastern and Central Africa’s clean energy capital with renewable electricity at its peak in the region. The firm is set to install more solar and electric charging stations in various places around the country for the public convenience such as residential buildings and shopping malls.
Speaking while receiving the recent batch of electric and solar automobiles that included Saloon cars, Motorcycle and Tuk-tuks from China, the firm’s Group Head of Finance, Ms. Catherine Mutua said, “the contest against environmental pollution is of uttermost urgency and we need environmental vanguards ready to go the extra mile at this initial adoption and transition phase. As we are setting the pace and leading the way, we are planning to invest at least Kes. 2 billion in the next few years to spur the uptake of EVs especially through our asset finance programs. As we speak we have already injected Kes. 100 million in importation of the eco-friendly automobiles and some have already been shipped and are in our yards ready for uptake. In the next 36 months we are looking at having about 2,000 units of electric and solar powered automobiles here for the Kenyan market, and we will also cascade the same in other countries we operate in such as: Tanzania, Uganda, Zambia, Rwanda and DRC.”
VAELL Honored for its innovation
Due to its various innovations the firm has been honored by various awards including the Key Industry Leadership recognition program dubbed ‘Pacesetters Awards Kenya’ organized by Jubilant Stewards of Africa (JSA) which recently honored the firm for setting the pace in Electric and Solar automobiles.
Electric Vehicles are much cheaper to run based on fuel costs alone. When maintenance costs are factored in, going electric starts becoming a uniquely more attractive option, this because; brake systems tend to last longer than on conventional vehicles, and electric vehicles (EVs) have fewer fluids to change, and far fewer moving parts to maintain. As the globe grapples with climate change, carbon emissions, low-level motorization and increased congestion, Kenya is set to shift the paradigm through electric vehicles.
VAELL advocates for incentives to spur the uptake of EVs
The regional lessor VAELL has been in the forefront advocating for incentives to spur the uptake of EVs. Earlier the firm asked the Kenyan government to evaluate the incentives offered, to encourage the use of EVs in the reduction of pollution and to help combat climate change. The Naivasha headquartered lessor suggested a 100% tax exemption for electric automobiles minimizing the price gap with conventional vehicles. These inducements apply to the local batteries and car assembly, importation and installation of EVs and their infrastructure.
With the adoption and production of electric vehicles (EVs) taking off globally due to improvements in technology and the declining cost of lithium-ion batteries, the African continent now has a better opportunity to unlock the full potential of electric mobility. Kenya is well set to become the region’s hub for electric vehicle solutions and assembly, with major online cab hailing brands in the country gearing towards EVs.
Kenya’s position as a global leader in renewable energy, its wide technological adoption, and the government’s push for electric vehicles through friendly policies are a major boost for EV uptake and early adoption. Over 70% of Kenya’s electricity comes from renewable energy today. This means in the global push to actualize electrified transit in the world, embracing electric vehicles early will be of greater impact for the country.
Manufacturers are set to benefit from dry storage and
warehouses to be unveiled countrywide by regional leasing firm, Vehicle and
Equipment Leasing Limited (VAELL), in what pundits termed as a sharing economy.
The model dubbed ‘space share’ will ease manufacturers’ logistics headaches
since they don’t need to own warehouses and storage and therefore not incurring
the cost of building and even renting the entire space that they are not using.
Businesses will only be required to pay for the space they are using as they
share the other space with others in trucks or in the warehouses. This will
enhance the traditional warehouse market, from temporary trailers to
Airbnb-style matchmakers that provides warehouse space and logistics together.
Space Share is expected to revive the distribution
model that has collapsed countrywide and revamp supply chain networks to
embrace e-commerce expectations. The Naivasha based asset leasing firm’s new
strategy to ease cost of storage for manufactures indicates a growing shift by
companies in a bid to slice cost of doing business in these challenging
economic times. The regional lessor becomes the first company in the region to
come up with a space leasing scheme for manufacturers, suppliers and hauling
companies. Such consumer’
oriented innovations for the mass market have made the firm bag various awards. The lessor was
recently ranked by various award organizers as the preferred leasing firm in
the region.
According to VAELL Kenya’s MD, Bertha Mvati, the
country has a cute shortage of warehouses and dry storage where manufacturers
can store their goods as they wait for customers to buy. This has contributed
to a low manufacturing due to fear of goods going bad.
“This invention
is demand driven. We are responding to the market needs. Manufactures have been
asking us if we can have this model in Kenya. We are happy that finally we have
been able to come up with a product that suits their needs. It is being
practiced in developed countries and we believe it will be a success here too,”
added Bertha.
With the dry storage and warehouses businesses can
store their merchandises in strategic locations where supplies can be made
proportion to the market demand. The warehouses will also act as distribution
centers and hence enhancing service delivery and customer satisfaction.
By providing enough space to store products closer to
the consumers, space share will reduce trips made by manufactures’ daily from
Nairobi, Mombasa, Thika, Nakuru and other industrial areas to make deliveries
in the rural areas,” said Bertha Mvati, Vaell Managing Director for Kenya.
VAELL has once again been featured in the prestigious list of Tanzania’s Top 100 Mid-Sized companies for the year 2019/20 in an event held at Serena Hotel in Dar Es Salaam. This time round we were ranked position 29, being an improvement from number 45 in last year’s survey. This is the fourth appearance on the same survey for our Tanzanian branch. The annual ranking is organized by Citizen newspaper in conjunction with KPMG Tanzania. The annual award winners are normally selected from a competitive pool of applicants through a rigorous scrutiny. A panel of independent judges classify the winners based on their reach, uniqueness and innovation, effectiveness and impact.
Vaell Tanzania team receiving the award
VAELL
Tanzania was the only leasing firm that made it to the list this year. This is
our third major award this year having scooped two other honors in Kenya where
we were recognized as the leading lessor and lessor of choice by other such
acknowledgement organizers.
VAELL
Kenya did not participate in the KPMG award this year since we already passed
this category. In 2014, VAELL Kenya was
ranked the first runner-up in the survey and rose to Club 101 in 2015.
We
owe the success to your contribution and the dedication of our Tanzania team.
It
is worth noting that in 2018 we were also recognized as the best East African
Company in service sector by East African Business council Tanzania
It
is an honor to be recognized at a regional level for our efforts in supporting
the growth of SMEs. The award organizers said that our improvement in the
ranking came as a result of good and sustainable profitability supported by
ability to innovate products and adapt to the market. They also said that since
inception we have been at the fore front in supporting and empowering Small and
Medium Enterprises through offering customized leasing services for our
clients.
In
the recent months, the Tanzanian team has tremendously improved and led by
example. This is a challenge to other teams to benchmark with this improvement
and post better results.
We
thank all staff, clients and stakeholders for your continuous support!
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.
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.
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.
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.
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.
