Kenya's E-Mobility Drive Accelerates: Watu Credit Vows $9,8 Million Investment

Kenya's E-Mobility Drive Accelerates: Watu Credit Vows $9,8 Million Investment

By Staff Writer, 01 April 2024

Watu Credit, a leading asset finance solutions provider, has expressed enthusiasm following the release of the draft national e-Mobility Policy. In a strategic move towards sustainability, the company has pledged Sh1.3 billion ($9.8 million) for the transition from conventional fossil-powered motorbikes to e-bikes over the next seven years.

The initiative mirrors the government's ambitious agenda to shift from fossil fuel-dependent vehicles to electric ones, a sentiment echoed by Roads and Transport Cabinet Secretary, Kipchumba Murkomen.

Murkomen highlighted the policy's comprehensive approach, covering transportation modes ranging from roads and rail to air and maritime.

"To achieve this, we are partnering with the private sector, international investors, and academic institutions to build the necessary infrastructure," Murkomen affirmed.

Central to the government's strategy is the promotion of electric vehicle (EV) adoption, marked by the introduction of distinctive green number plates for all electric vehicles, including two-wheelers.

These unique identifiers aim to raise public awareness and stimulate interest in e-mobility solutions.

Moreover, to bolster EV infrastructure, the ministry is installing charging stations at its headquarters, underscoring its commitment to facilitating widespread electric vehicle usage.

Watu Credit, in alignment with these efforts, intends to address the financing gap for electric vehicle acquisition while collaborating closely with manufacturers to offer vehicles tailored to local needs and conditions.

The convergence of public policy and private sector commitment signals a significant step towards a sustainable transportation future for Kenya, with Watu Credit poised to play a pivotal role in driving the e-mobility transition.

Source: Amukohe Yvonne / Capital Business

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