Local asset finance solutions provider Watu Credit has welcomed the publishing of a draft National Electric Mobility Policy, with a commitment to finance the acquisition of more than 500,000 electric Motorbikes in the next seven years.
Watu Credit country manager Erick Massawe said the firm would support the national electric vehicles transition agenda by actively bridging the financing gap, which has been identified as a critical barrier to the acquisition of Electric Vehicles, including two—and three-wheel motorbikes.
He added that the firm is collaborating with several manufacturing partners, such as Arc Ride and GOGO Electric, to deliver bikes made for local conditions and will also develop a nationwide network of electric bike battery swapping stations.
“At Watu, we are committing to invest more than Sh1.3 billion by 2030 to finance the acquisition of thousands of electric-powered motorbikes in Kenya through our hire purchase option,'' Massawe said.
"For this to happen, we are working closely with several manufacturers to deliver tropicalized units that can meet the local road and related operating conditions."
This follows the release of the draft e-Mobility Policy by a task force earlier appointed by Roads and Transport Cabinet Secretary Kipchumba Murkomen.
The policy, Murkomen said will guide the development of electric mobility in all transportation modes –roads, rail, air, and maritime – and will provide a transition framework from the internal combustion engine now in use.
“To achieve this, we are partnering with the private sector, international investors,and academic institutions to build the necessary infrastructure,” he said.
To promote faster adoption of EVs, the government has begun the process of assigning green-colored number plates to all-electric vehicles, including two-wheelers.
"Special plates will help raise awareness about EVs among the general public and encourage more people to consider switching to e-mobility."
Details contained in the 2024 Budget Policy Statement (BPS) confirm that the government, under the Bottom-Up Economic Transformation Agenda (BETA), identifies the adoption of electric mobility as a priority intervention to achieve the win-win outcomes of reducing greenhouse gas emissions.