NCBA Group has partnered with BasiGo, a leading provider of electric bus solutions, to enable public transport operators, businesses and institutions such as schools and hospitals to access tailored financing for electric vans. Through the partnership, BasiGo and NCBA will work together to finance 1,000 electric vans supporting Kenya’s transition to cleaner, more sustainable transport. The financing, extended through Asset Financing and Leasing, will enable BasiGo to scale production and lease the vehicles to PSV SACCOs, established operators and individuals.
The investment makes NCBA the first local investor to finance the electric mobility company reinforcing the bank’s pioneering role in the country’s transition to electric transport.
The partnership will give PSV operators multiple options for purchasing or leasing electric vehicles into their fleet. Existing PSV Saccos and established PSV companies can access funding of up to 90% of the asset value over 60 months, while individual Sacco members can access funding of up to 80% over 48 months, both at a discounted processing fee of 1.5%. NCBA and BasiGo have also partnered on a new financing structure to scale deployment of vehicles through BasiGo’s all-inclusive Pay-as-you-Drive financing model.
Lennox Mugambi, Group Director, Asset Finance and Business Solutions at NCBA Group, said the partnership reinforces the Bank’s commitment to enabling businesses to embrace green mobility through accessible and tailored financing solutions.
“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. By financing BasiGo’s electric vehicles, we are helping bridge this gap by connecting capital to clean mobility solutions and making sustainable assets more accessible to operators. Through this approach, we are supporting the wider electric mobility ecosystem and helping accelerate Kenya’s shift towards cleaner, more sustainable public transport.”
With transport accounting for a significant share of Kenya’s emissions and fuel costs remaining a major operating expense for PSV operators, the tailored leasing solutions will enable operators to transition to electric fleets without having to absorb the full capital outlay upfront. The partnership will also offer operators the potential to reduce exposure to rising fuel and maintenance costs, while supporting more efficient and environmentally sustainable public transport.
“The most critical challenge in scaling electric vehicles in Africa is financing,” said Jit Bhattacharya, CEO and Co-founder of BasiGo. “We are proud to partner with NCBA to address this problem head on for operators through affordable and creative financing solutions. Through this partnership, Kenyan PSV operators now have multiple financing options, from asset finance to leasing, to add a BasiGo electric vehicle to their fleet. With NCBA supporting BasiGo and our customers, we are excited to unlock the next level of scale for clean, electric public transport in Kenya.”
The partnership aligns with NCBA’s broader strategy of supporting businesses to grow, adapt and build resilience in a changing economy. Through its KES 2 billion e-mobility financing, to date, the bank has invested more than KES 0.8 billion in generating sustainable mobility assets designed to expedite the transition to electric vehicles across the Group.
“Financial institutions have a critical role to play in enabling the transition towards a more sustainable economy. Through our Change the Story agenda, we are committed to mobilizing green and sustainable finance that helps businesses and communities adopt solutions that create both environmental and economic value,” said Lennox Mugambi, Group Director, Asset Finance & Business Solutions, NCBA Group. “This partnership reflects that commitment, providing tailored financing that enables our customers to invest in sustainable solutions while building more resilient and future-ready businesses,” she added.
Alongside NCBA’s financing, BasiGo’s Pay-As-You-Drive model is helping address the upfront cost barrier to electric mobility, demonstrating how different players across the ecosystem can contribute to accelerating adoption. Together, these efforts are helping make electric mobility more accessible to businesses and operators, while supporting the growth of Kenya’s electric mobility ecosystem and its transition to a low-carbon economy.
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