The prominent local financial provider, Watu Credit, has announced a bold commitment to finance the purchase of over 500,000 electric motorbikes by 2030, signalling a significant step towards sustainable transportation in Kenya.
This ambitious pledge from Watu Credit aligns closely with the recent unveiling of the Electric Mobility Draft Policy by the Kenyan government. The policy, designed to promote the adoption of electric vehicles (EVs) across the nation, has spurred Watu Credit to invest over $9.8 million to accelerate the transition from fossil-powered motorbikes to electric alternatives.
Under the leadership of Kipchumba Murkomen, the Road and Transport Cabinet Secretary, a task force has been established to develop a comprehensive policy framework promoting the use of EVs in various transportation sectors, including roads, railways, air travel, and maritime transport.
Murkomen emphasized the importance of forging partnerships with private sector entities, international investors, and academic institutions to facilitate the necessary infrastructure development. As part of this initiative, the government has introduced green-coloured number plates exclusively for electric vehicles, including two-wheelers, to raise awareness and encourage their adoption. Charging infrastructure is also being established at Ministry headquarters to support EV users.
In response to the national e-mobility policy, Watu Credit has pledged its support for Kenya’s electric vehicle transition agenda. Recognizing the financing gap as a significant barrier to EV acquisition, the firm aims to address this challenge by offering financial solutions for electric motorbikes.
Moreover, Watu Credit has forged strategic partnerships with leading manufacturers such as Arc Ride and GOGO Electric to develop electric bikes specifically tailored for Kenyan roads. The company also plans to establish a network of battery-swapping stations across the country to enhance the convenience of charging electric motorbikes.
Through its hire purchase option, Watu Credit intends to invest over $9.8 million by 2030 to facilitate the purchase of thousands of electric-powered motorbikes in Kenya. These units will be specially designed to withstand local road and operating conditions, reflecting Watu Credit’s commitment to sustainable transportation solutions.
The government’s Bottom-Up Economic Transformation Agenda (BETA), outlined in the 2024 Budget Policy Statement, underscores the importance of adopting electric mobility to reduce greenhouse gas emissions, provide affordable transportation, and stimulate growth in the electric vehicle industry.
By prioritizing e-mobility, the government aims to combat pollution, mitigate health risks, and reduce fuel expenses across various sectors, signalling a transformative shift towards a cleaner, more sustainable transportation ecosystem in Kenya.