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.
Leave a Comment
You must be logged in to post a comment.