Watu Credit has partnered with ARC Ride to manufacture 1,000 electric vehicles (EVs) and 300 battery swap stations in Nairobi by December 2024.

The asset financing company Kenya Country Manager, Erick Massawe, noted that the company believes that Electric Vehicles is the future.

 In recognition of the fact that coming up with the next EV for the African market is an expensive venture, we started investing in ARC Ride to help them in their research and innovation and delivery of bikes responsive to the African market to the ground,” he said.

At least 50 passengers are served daily by Arc Ride's 76 swap stations, which are spread out along the Eastlands, Ngong Road, Githurai, Westlands, Kiambu Road, Kabete, Mombasa Road, and Thika Superhighway.

Watu, on the other hand, provides asset financing for cars with two and three wheels.

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Over 100 electric assets have been purchased in Kenya thus far with business funding.

Additionally, Watu's financing plan for electric motorcycles enables users to buy one for as little as Kes 450 each day, encouraging sustainable mobility.

ARC Ride, represented by George Songe, noted that the company is expanding its network of automated swapping stations to ensure that electric boda customers can conveniently replace their batteries when the need arises,”

“Customers can replace batteries in under a minute for as low as Ksh 350 per day, for unlimited swaps.”