History of Hire Purchase

Hire Purchase more popularly known as Installment Finance in USA has it’s roots in the beginning of the 20th Century. While there are instances before 20th Century in USA it was not until motor car production moved from custom-built products to assembly line production that the concept of Hire Purchase gained popularity. Before the commencement of First World War Hire Purchase as a means of financing had gained a lot of popularity in the motor vehicle and furniture sector. Post World War I electrical appliances and wireless sets also gained a lot of popularity as products for Hire Purchase facilities. Hire Purchase as a means of financing also became popular in Europe & Australia. During the Great Depression and The Second World War various governments took corrective measures to curb the Hire Purchase Financing for usage of factories for war production and reduce inflation. Since early 1950’s there has been a significant increase in Hire Purchase Financing on a global level.

Kenya on the other hand did not have suitable Hire Purchase Facilities for many of its hard working entrepreneurs 30 years after it gained independence in 1963. It was to fill up and tap into the vast potential of providing Hire Purchase Facilities throughout Kenya that the concept of creating Synergy Industrial Credit Limited was conceived.

About Synergy
Synergy Industrial Credit Limited (SICL) was incorporated in 1994 with an aim to provide the Kenyan Hire Purchase Sector with a much needed non-banking financial institution that would cater for hire purchase requirements for entrepreneurs who were already well established or setting up their businesses and were tired of waiting for long processes to obtain Hire Purchase Financing. It was conceived with an idea of providing the Kenyan Entrepreneurs a level of flexibility and competitiveness for their Hire Purchase Finance requirements that they were entitled to. Since inception our aim has been to focus on client needs throughout the country and providing a full range of Hire Purchase finance options to all sectors of the economy. Through sheer hard work and perseverance to provide optimum financing solutions to our clients we have now become one of Kenya’s leading non-banking financial companies.

Through our lending and financing solutions we enable you to pursue ambitious growth strategies and execute value-creating transactions. Our aim is to open up a world of opportunities for you and help you achieve your full potential. We provide Hire purchase financing solutions for Commercial Vehicles, Construction Equipment, Industrial Equipment, and Agricultural Equipment amongst others.

Synergy Industrial Credit Limited is one of the largest players in security based lending. For over 20 years now Synergy Industrial Credit Limited has been providing Hire Purchase Solutions in Kenya.

Our Team


Led by Directors who have vast knowledge and experience in the field of Hire Purchase Finance our management follows a hands-on approach towards our client needs. With assistance of our line managers we ensure client requests are satisfactorily met and in good time. The management believes in developing and maintaining strong relationships with our clients and ensure our clients are satisfied with our services. The management also has a stead-fast policy of addressing all client issues immediately so that our clients are not inconvenienced unnecessarily. Under their leadership and experience Synergy Industrial Credit Limited has managed to become one of the leading Non-Banking Finance Companies in Kenya.

Business Development & Relationship

Our well experienced Business Development and Relationship team is conversant of the Kenyan entrepreneur’s needs and plays an important role in ensuring our clients get the best solutions for their asset and finance teams. Our team regularly travels throughout Kenya and based on your requirements are available on short notice. Our policy is to understand our client’s requirements and then provide and where necessary guide them to get the correct assets that would meet their needs and further provide the most suitable hire purchase finance option.


Our full-fledged Operations team ensures compliance of all our Statutory Hire Purchase requirements and management of our client’s securities. The team is experienced in ensuring correct documentation is managed and maintained and at the same time ensures requirements of Synergy are fully met. Based on one to one relationship shared with all clients the department is able to maintain our high quality standards and satisfy client needs at the same time.


Our Accounts department is well managed with a team that has been working hand in hand with the management for a long time. The accounts department ensures our clients are always aware of their current and future commitments and assist in ensuring that client’s requirements and commitments are managed.

Mission, Vision & Values

Our Mission

To be the preferred Hire Purchase Facility provider in Kenya.

Our Vision

To be the one stop solution for all your Hire Purchase requirements. To be a leader and role model in a broad based and integrated financial services business.

Our Strength

Fast turn-around time for Hire Purchase requests. Customer focus in providing tailor made products for all. A rigorous “Know Your Client” policy is followed.

Our Values

Our core values describe the attitude and behavior, we believe are core to delivering world-class client service.
We have five core values that are at the heart of everything we do:

  • Integrity
  • Commitment
  • Passion
  • Speed
  • Seamlessness

Why Synergy

  • Asset finance expertise – We understand your business issues and assets

  • Cash flow management – Keep funds in your business and gain tax advantages

  • Quick processing of application

  • Financing of both new and used vehicles

  • Flexible interest rates

  • Tailored flexible repayment plans to suit your needs

  • Hire Purchase Finance – for all assets from a bulldozer to wheel loaders, from tractors to production lines from trucks to fleets be assured of finance at all times

  • Long-term flexibility – giving you attractive options when the finance ends

  • One-stop financing – as your business grows we become your long term funding partner