Stanbic Bank Tanzania Hands Over 70 Trucks to GSM

Stanbic Tanzania and GSM Group
Stanbic Bank Tanzania’s Head of Vehicle Asset Financing, John Mosha (2nd Right), and Li Zhongyuan from Sino Truk handing over 70 trucks to Galco Limited’s General Manager Sultan Abdallah (R). Others in the picture are Stanbic Bank and GSM employees.

Stanbic Bank Tanzania, through its Vehicle Assets Financing and Biashara Exchange propositions in Partnership with Sino Truck, has supported the GSM group to purchase 70 business trucks for its subsidiary transportation company Galco.

The handover ceremony was held at the GSM offices in Kurasini in Dar es Salaam and attended by Galco General Manager Sultan Abdallah and Stanbic Bank Head of Vehicle Asset Finance John Mosha.

Speaking during the handover ceremony, Mosha reiterated the bank’s commitment to providing customer-centric solutions and enabling business growth and transformation.

“Our customers are the center of what we do, and we strive to ensure that they are supported, GSM is one of our valued partners and clients. We appreciate them for choosing us to support them in this process. Through Vehicle Asset Financing (VAF), Business Exchange (Africa-China support solution), and our Bancassurance propositions we were a one-stop-shop for GSM streamlining the procedure in the acquisition of the trucks. We will continue to ensure businesses get access to financing for quality vehicles,” Mosha said.

GSM Chief Commercial Officer Allan Chonjo said that the new trucks will enable the company’s expansion as well as create more job opportunities.

“We are excited at the opportunities that this service has opened for us to grow as a business, with the new trucks we now have a fleet of 800 trucks and this will increase our capabilities in servicing our customers within the East African Community (EAC) and the Southern African Development Community (SADC) region,” Chonjo said, adding that “Stanbic has been our partner every step of the way, supporting the company’s vision and facilitating its implementation and we look forward to future collaborations.”

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Stanbic Bank Tanzania vehicle asset financing structure makes the process for vehicle acquisition easy and seamless for its customers. Its VAF and Biashara Exchange proposition was a one-stop shop for GSM in the acquisition of the trucks. 

According to Mosha, the bank’s vehicle financing structure goes beyond just giving out loans but provides a holistic vehicle financing package that benefits its customers and gives them access to affordable insurance from trusted partners.

About Stanbic Tanzania

Stanbic Bank Tanzania is part of the Standard Bank Group, Africa’s largest bank by assets.

Stanbic Bank Tanzania is a full-service commercial bank that specializes in providing facilities and services to public and private sector corporations, diplomatic missions, and international organizations.

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