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Watu Credit Commits Ksh 1.3 Billion to Accelerate Kenya’s Efforts to Transition to Electric bikes

Watu Credit

Watu Credit has committed Ksh 1.3 billion to help kenya’s transition to electric bikes. The company revealed this last week following the release of the first draft of the Electric Mobility Policy that seeks to guide towards the transition to Electric Vehicles. 

According to Eric Massawe, Country Manager Watu Credit, the firm is willing to support the transition to electric vehicles by bridging the financing gap. Watu is an asset finance company that provides loans to individuals who want to acquire motorcycles on loan. 

He also revealed that they will be partnering with Arc Ride and GOGO Electric to develop electric bikes specifically designed for Kenyan roads. In addition to this, they will be creating a network of battery swapping stations making it convenient for riders to keep their bikes charged. 

“At Watu, we are committing to invest more than Sh1.3 billion by 2030 to finance the acquisition of thousands of electric-powered motorbikes in Kenya through our hire purchase option,” Massawe said. “For this to happen, we are working closely with several manufacturers to deliver tropicalized units that can meet the local road and related operating conditions.”

Read: Roam Secures $24 Million Funding to Scale Up EV Production in Africa

About author

Editor at TechArena. I cover all things technology and review new gadgets as I get them. You can reach me on email: kaluka@techarena.co.ke
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