For BasiGo, expanding electric public transport in Kenya is no longer only a question of producing and deploying electric vehicles. It is also about making them financially accessible to the operators expected to use them. A new partnership with NCBA Group aims to address that gap by financing 1,000 electric vehicles, giving public transport operators, businesses and institutions more flexible ways to move into electric mobility.
The financing will be provided through asset finance and leasing, allowing customers to buy or lease electric vans without having to carry the full cost upfront. BasiGo will use the arrangement to scale vehicle deployment among public service vehicle (PSV) Savings and Credit Cooperative Organisations (SACCOs), established transport operators and individual operators. The deal also makes NCBA BasiGo’s first local investor.
The partnership comes as Kenya’s transport sector faces growing pressure to reduce emissions and manage rising fuel costs. Road transport accounts for more than 40% of the country’s total energy consumption and is its fastest-growing source of emissions. Kenya also spends more than $5 billion annually on fuel imports, leaving transport operators exposed to changes in global fuel prices.
Making electric mobility more accessible
The financing partnership could help address one of the main challenges facing the expansion of electric vehicles in Kenya: the ability of operators to afford the initial investment. Kenya’s electric vehicle market has grown rapidly, with registered electric vehicles increasing from 1,378 in 2022 to 39,324 in 2025. The government says lower-priced EVs and financing options tailored to the sector have supported this growth.
“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,” said Lennox Mugambi, Group Director, Asset Finance and Business Solutions at NCBA Group.
Under the partnership, existing PSV SACCOs and established PSV companies can access financing of up to 90% of an electric vehicle’s value over 60 months. Individual SACCO members can access up to 80% over 48 months. Both groups will also qualify for a discounted processing fee of 1.5%.
NCBA and BasiGo will also provide financing through BasiGo’s Pay-As-You-Drive model, which is designed to lower the upfront cost of switching to an electric vehicle. Operators pay for the vehicle based on usage, while BasiGo provides charging and maintenance services.
“The most critical challenge in scaling electric vehicles in Africa is financing,” said Jit Bhattacharya, chief executive and co-founder of BasiGo. He said the partnership would give Kenyan PSV operators multiple financing options, including asset finance and leasing, while helping BasiGo expand clean electric public transport.
Supporting Kenya’s electric transport transition
The partnership supports BasiGo’s target of putting 1,000 electric buses on Kenya’s roads by 2027. The company had assembled 53 buses locally, with another 27 in production at its Thika assembly line, where it planned to increase production to 20 buses per month in 2026.
The initiative also comes as the government strengthens policies supporting electric mobility. In February 2026, Kenya launched its National Electric Mobility Policy, covering different modes of transport and providing a framework for wider EV adoption. Incentives introduced through the Finance Bill 2025 include zero-rated VAT on electric buses, motorcycles, bicycles and lithium-ion batteries.
Mugambi said NCBA’s role goes beyond financing individual vehicles, arguing that the bank can help connect capital with clean mobility solutions and make sustainable assets more accessible to operators. The approach, he said, can support the wider electric mobility ecosystem and accelerate Kenya’s move towards cleaner public transport.
For BasiGo, expanding access to financing is therefore closely linked to its ability to scale. For transport operators, the partnership provides more ways to acquire electric vehicles while potentially reducing exposure to fuel costs. For Kenya, increased adoption could contribute to lower transport emissions and greater use of locally supported clean mobility solutions.
The partnership also comes as NCBA prepares for a potential change in ownership. In January, South African banking group Nedbank announced plans to acquire approximately 66% of NCBA Group. If completed, NCBA will become a Nedbank subsidiary.
With financing, policy support and local electric vehicle production developing at the same time, the NCBA-BasiGo partnership adds another important piece to Kenya’s transition towards electric public transport.
