Introduction
In a bold move towards sustainable transportation, Watu Credit, a local asset finance solutions provider, is spearheading Kenya's e-mobility journey with a substantial investment of Sh1.3 billion. With a focus on financing the acquisition of over 500,000 electric motorbikes within the next seven years, Watu Credit is poised to revolutionize the country's transportation landscape.
Embracing the Electric Revolution
Watu Credit's country manager, Erick Massawe, expressed enthusiasm for the draft National Electric Mobility Policy, recognizing it as a pivotal step towards a greener future. By actively bridging the financing gap, Watu Credit aims to facilitate the widespread adoption of electric vehicles (EVs), particularly two- and three-wheel motorbikes, which have emerged as popular choices for urban commuters.
Partnerships for Progress
Collaborating with leading manufacturing partners like Arc Ride and GOGO Electric, Watu Credit is committed to delivering electric bikes tailored to local conditions. These partnerships will not only ensure the availability of suitable vehicles but also pave the way for the development of a robust infrastructure, including a nationwide network of electric bike battery swapping stations.
Investing in Sustainable Mobility
Massawe underscored Watu Credit's dedication to investing Sh1.3 billion by 2030 to finance the acquisition of thousands of electric-powered motorbikes in Kenya. Through their hire purchase option, Watu Credit aims to make e-mobility accessible to a wider demographic, contributing to the country's environmental and economic objectives.
Government Support and Policy Framework
The release of the draft e-Mobility Policy by a task force appointed by Roads and Transport Cabinet Secretary Kipchumba Murkomen signals a concerted effort by the government to embrace sustainable transportation solutions. Murkomen emphasized the importance of private sector partnerships and international investment to build the necessary infrastructure for electric mobility across all transportation modes.
To accelerate the adoption of EVs, the government has initiated the assignment of green-colored number plates to all-electric vehicles, including two-wheelers. This initiative aims to raise awareness about e-mobility and encourage more individuals to transition towards sustainable transportation options.
Aligning with National Priorities
The government's commitment to electric mobility is reflected in the 2024 Budget Policy Statement (BPS), where the adoption of EVs is identified as a priority intervention under the Bottom-Up Economic Transformation Agenda (BETA). By reducing greenhouse gas emissions and promoting sustainable development, e-mobility emerges as a cornerstone of Kenya's future transportation landscape.
