NCBA has partnered with electric mobility company BasiGo to finance the deployment of 1,000 electric vans, targeting public transport operators, businesses and institutions across Kenya.
The partnership will provide tailored financing through asset financing and leasing, allowing BasiGo to scale production and lease electric vehicles to PSV SACCOs, established operators and individual customers.
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The deal makes NCBA the first local investor to finance BasiGo.
Financing options for PSV operators
Under the partnership, PSV SACCOs and established PSV companies can access financing of up to 90% of an electric vehicle’s asset value over 60 months.
Individual SACCO members can access up to 80% financing over 48 months, with both financing options attracting a discounted processing fee of 1.5%.
The two companies will also deploy a financing structure supporting BasiGo’s Pay-As-You-Drive model. This is designed to reduce the upfront cost of switching to electric vehicles.
Reducing the cost barrier to electric mobility
NCBA Group Director, Asset Finance and Business Solutions, Lennox Mugambi, said financing is critical to making electric mobility commercially viable at scale.
“The transition to electric mobility is not simply about putting more electric vehicles on the road; it is about creating the financing and infrastructure needed to make them commercially viable at scale,” Mugambi said.
BasiGo CEO and Co-founder Jit Bhattacharya said access to financing remains one of the biggest challenges to scaling electric mobility across Africa.
“We are proud to partner with NCBA to address this problem head on for operators through affordable and creative financing solutions,” Bhattacharya said.
NCBA expands e-mobility financing
The partnership forms part of NCBA’s wider sustainability and green financing strategy.
The bank has committed KES 2 billion to e-mobility financing, of which more than KES 800 million has so far been invested in sustainable mobility assets across the Group.
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