KCB partners to finance affordable electric public vehicles

This will assist in reducing global net human-caused emissions of carbon dioxide

In Summary
  • Customers will enjoy leasing model
  • Battery charging, service, and maintenance shall be provided by BasiGo.
Basigo electric bus is seen at Ambassador stage, Nairobi CBD, on April 5, 2022
Basigo electric bus is seen at Ambassador stage, Nairobi CBD, on April 5, 2022

Kenya Commercial Bank (KCB) has partnered with BasiGo limited to enable access and  flexible financing options for its customers.

Both KCB’s customers in the public service vehicle industry and KCB SAHL Banking customers under the Shariah-compliant banking model will benefit from the deal.

According to the bank, the customers will enjoy 90 per cent funding with a repayment period of 36 months while being supported to reduce their greenhouse emissions and also respond to climate change.

Speaking during the event, KCB Bank director of Corporate Banking, Esther Waititu said that the arrangement is in line with the bank’s vision to leverage partnerships that seek to provide value to its customers.

“ We are delighted to partner with BasiGo as this reflects our commitment to supporting key customers to derive value from their long-standing loyalty,” Waititu said.

BasiGo CEO and Co-Fonder Jit Bhattacharya said that making electric buses affordable to PSV owners,  is key in getting the buses on the road in Kenya.

“With KCB's pioneering support for this technology and BasiGo’s Pay-As-You-Drive financing, we have made electric buses more affordable and more convenient for owners to purchase and operate than a diesel bus,” Jit said.

The financing company said that the Sh5 million bus is available for purchase on a blended/operating lease model while still retaining ownership of the battery.

However, The battery will be leased to the PSV operator via the Pay-As-You-Drive (PAYD) subscription.

The PAYD subscriptions come at a price of Sh 20 per kilometer driven through the subscription while mitigating the risks to PSV operators by guaranteeing battery performance and providing all charging and maintenance for the bus throughout its life.

It has recently concluded its pilot programme in collaboration with Citi Hoppa and East Shuttle.

BasiGo has already received over 100 reservations for its K6 Electric bus and is set to deliver new buses in early 2023 to Saccos on the reservation list.

The customers will be able to access embedded tracking,and fleet management gadgets already installed on the bus plus also insurance financing.

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