BasiGo partners with Co-operative Bank of Kenya to launch new e-mobility financing for public service vehicle Saccos. The key goal of the partnership is to accelerate and make the transition to electric mobility more accessible to public transport operators.
The banker have invested over KES 1.5 billion, which will cater for the first 12 months of financing, and will finance up to 90% of the vehicle costs, enabling Saccos to acquire new electric vehicles for their fleets.
During the launch, Co-operative Bank had already financed about two 16-seater BasiGo vans, which were handed over to Enabled Mashariki Sacco.
The handover was done by Bernard Ngetich, Head of Transport, Housing and Investments Cooperative; Vincent Marangu, Director of Co-operatives Banking at Coop Bank; and Bertha Mvati, who is the Head of Vehicle Asset Finance at BasiGo. The vans were received by the Enabled Mashariki PSV Sacco team, led by Joseph Nguku, who is the chairman, Dr. Joyce Gaitho, director, and David Gichamba.
The launch brought together e-mobility companies, electric vehicle dealers, over 200 PSV Sacco officials, insurance companies, and a KPLC representative. Among the companies that were there during the launch are BasiGo, QuantumDrive, MojaEV Africa, Rideence Africa Limited, and Definite Assurance.
Co-operative Bank joins other financing options like Pay-As-You-Go, which is offered by BasiGo and allows owners to acquire an electric bus with a minimum upfront payment. They can then pay as they drive, with the fee covering both charging and maintenance services.
Co-operative Bank and BasiGo didn’t publish the steps for getting started with the financing, but it seems that a PSV operator must be in a Sacco and have some upfront amount. You can reach out to Co-operative Bank’s website or BasiGo for more information.
