Family Bank and BasiGo Ink E-Bus Financing Deal

BasiGo CEO and Co-Founder Jit Bhattacharya & Family Bank CEO Rebecca Mbithi sign an asset finance deal that will enable PSV players access up to 90 per cent financing, with an extended loan repayment period of 48 months for the purchase of electric buses. PHOTO / VERA SHAWIZA

Family Bank CEO Rebecca Mbithi, Board Director Mary Mburu & BasiGo CEO and Co-Founder Jit Bhattacharya test drive the BYD K6 electric bus after signing a partnership deal that will enable PSV players access up to 90 per cent financing, with an extended loan repayment period of 48 months for the purchase of electric buses. PHOTO / VERA SHAWIZA

Family Bank and BasiGo Ink E-Bus Financing Deal

By Vera Shawiza

Family Bank have inked a partnership to

enable players in the public service

vehicle industry to access flexible

financing options in a deal with BasiGo

Ltd, an e-mobility startup and financing

company supplying electric bus services

to sub-Saharan Africa.

The partnership announced today, will

see customers enjoy up to 90 per cent

financing, with an extended loan

repayment period of 48 months for the

purchase of electric buses in a bid to

reduce greenhouse emissions and support

the development of a sustainable public

transport system. This will assist in

mitigating the long-term effects of

climate change.

“This partnership is critical and timely

in line with our strategic initiatives

in addressing environmental and social

issues through sustainable financing as

we seek to support the climate agenda.

Sustainable innovations such as the rise

of electric vehicles offer a viable

option for the market to help reduce

carbon emissions. Through this

partnership, we will be offering

financing for a 25-seater dubbed ‘BYD K6

BUS’ that requires far less maintenance

than diesel-powered buses with zero

transmission of gases,” said Family Bank

Chief Executive Officer Rebecca Mbithi.

“In addition to the zero transmission of

gases, the electric buses offer better

reliability, premium passenger

experience through charging ports

located throughout the bus, WIFI, a

comfortable experience, silent drive,

lower operating costs, hassle-free and

reliable service and maintenance and an

overall better driving experience. This

is a total wholesome experience for the

customers, the drivers and the

operators,” she added.

The K6 Electric Bus from BasiGo is

available for Kshs. 5,000,000, plus a

subscription fee of Kshs. 20 per

kilometre – Pay-As-You-Drive (PAYD).

Through PAYD, BasiGo mitigates the risks

to PSV operators by guaranteeing

battery performance and providing all

charging and maintenance for the bus

throughout its life. The battery will be

leased to the PSV operator via the PAYD

battery subscription

“Kenya is now in the middle of a

transition to electric mobility. We have

seen that the technology is viable in

both the long and short term but

allowing bus owners to secure asset

financing for an electric bus exactly in

line with how they have been purchasing

diesel buses will be the game-changer

that grows its adoption. Electric buses

must be affordable to PSV owners. The

partnership we have signed today with

Family Bank goes a long way in achieving

this as they are a chosen banking

partner for many PSV owners,” said Jit

Bhattacharya, CEO and Co-Founder at

BasiGo. “With the continued 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.”

The buses, once charged, will have a

driving range of 250 kilometres before

the next charge at BasiGo charging

depots that will be strategically

located along the matatu plying routes.

This allows transport providers to

complete a full day’s operation.

This partnership is part of a growing

list of banks seeking to provide

financing for PSV owners who are looking

to purchase green vehicles. It comes at

a time when the Nairobi City County

Government is seeking to float a green

bond to build a mass transit system and

supports the long-term goal of attaining

the UN Sustainable Development Goals

(SDGs) as a guide to assist in the

attainment of reduced global net human-

caused emissions of carbon dioxide by

about 45 per cent by 2030.

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