Family Bank, BasiGo Ink E-Bus Financing Deal

Family Bank Friday inked a partnership to enable players in the public service vehicle industry to access flexible financing options in a deal with BasiGo Ltd, an e-mobility startup and financing company supplying electric bus services to sub-Saharan Africa.

The deal will see customers enjoy up to 90 per cent financing, with an extended loan repayment period of 48 months for the purchase of electric buses in a bid to reduce greenhouse emissions and support the development of a sustainable public transport system.

This will assist in mitigating the long-term effects of climate change.

The K6 Electric Bus from BasiGo is available for Kshs. 5,000,000, plus a subscription fee of Kshs. 20 per kilometre – Pay-As-You-Drive (PAYD). Through PAYD, BasiGo mitigates the risks to PSV operators by guaranteeing battery performance and providing all charging and maintenance for the bus throughout its life. The battery will be leased to the PSV operator via the PAYD battery subscription.

The buses, once charged, will have a driving range of 250 kilometres before the next charge at BasiGo charging depots that will be strategically located along the matatu plying routes. This allows transport providers to complete a full day’s operation.

This partnership is part of a growing list of banks seeking to provide financing for PSV owners who are looking to purchase green vehicles.

It comes at a time when the Nairobi City County Government is seeking to float a green bond to build a mass transit system and supports the long-term goal of attaining the UN Sustainable Development Goals (SDGs) as a guide to assist in the attainment of reduced global net human-caused emissions of carbon dioxide by about 45 per cent by 2030.