Watu Credit Announces Support for Electric Vehicle Financing in Kenya



Watu Credit, a local financial provider, has pledged to fund the purchase of over 500,000 electric motorbikes by 2030.

Watu Credit’s recent announcement aligns with the release of the Electric Mobility Draft Policy by the Kenyan government. The policy aims to promote the use of electric vehicles (EVs) in the country. In line with this initiative, Watu Credit has confirmed its commitment to invest over $9.8 million to expedite the transition from financing fossil-powered motorbikes to electric bikes.

Led by Kipchumba Murkomen, the Road and Transport Cabinet Secretary, a task force has developed a policy to promote the use of electric vehicles (EVs) across various sectors such as roads, railways, air travel, and maritime transport.

The new policy sets forth a strategic roadmap to phase out conventional gasoline and diesel vehicles in favor of a more sustainable future. Murkomen emphasized, “To accomplish this, we are forging partnerships with the private sector, international investors, and academic institutions to develop the requisite infrastructure.” In a bid to accelerate the adoption of electric vehicles (EVs), we have initiated the issuance of green-colored number plates for all-electric vehicles, including two-wheelers. These distinct plates will heighten awareness about EVs among the populace, encouraging greater uptake of e-mobility. Additionally, we are establishing charging infrastructure at our Ministry headquarters.

Massawe has announced its commitment to supporting the national electric vehicle transition agenda following the release of the national e-mobility policy. The firm aims to address the financing gap, a critical barrier to the acquisition of electric vehicles, including two and three-wheel motorbikes.

Watu Credit has announced a strategic partnership with leading manufacturers such as 

Arc Ride and GOGO Electric to design electric bikes tailored for the unique demands of Kenyan roads. Additionally, the company plans to establish a widespread network of battery-swapping stations across the country, further enhancing the convenience of charging electric motorbikes.

At Watu, we are dedicated to investing over $9.8 million by 2030 to fund the purchase of thousands of electric-powered motorbikes in Kenya through our hire purchase option. We are collaborating with multiple manufacturers to deliver tropicalized units that can withstand the local road and operating conditions. This initiative demonstrates our commitment to sustainable and environmentally friendly transportation solutions.

Moreover, the Government’s Bottom-Up Economic Transformation Agenda (BETA), as detailed in the 2024 Budget Policy Statement, places emphasis on the adoption of electric mobility to reduce greenhouse gas emissions, provide affordable transportation, and cultivate the thriving local and regional motorcycle market to foster the growth of the electric and battery electric vehicle industry.

The government has prioritized e-mobility as a crucial intervention to combat pollution, mitigate adverse health effects, and reduce fuel costs. This initiative aims to alleviate operational and health expenses across various sectors.




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