Watu and Spiro ink deal to finance electric motorcycles
Business
By
James Wanzala
| Jan 28, 2024
Asset financing company Watu Credit (Watu) and Spiro Kenya, a pioneer in sustainable urban mobility solutions, have announced a partnership to enhance access to financing for electric motorbikes in Kenya.
Spiro has established an assembling plant in Mombasa and is now a leading provider of electric two-wheelers in Africa, with a presence in Kenya, Benin, Togo, Rwanda, and Uganda.
"Erick Massawe, Kenya Country Manager at Watu, speaking during the announcement in their Nairobi offices, said, 'Through this partnership, we will leverage our dealership network to make Spiro electric bikes accessible to customers through affordable financing, starting in Mombasa. We plan to further expand across a network of over 300 dealers countrywide, thus expanding the electric vehicles market in Kenya.'"
Spiro commenced operations in Mombasa last year, following a high-profile launch event attended by President William Ruto.
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"Our motorbikes have been very well received in Mombasa, and the demand has exceeded expectations. So far, we have sold over 200, and there are 1,000 ready for selling," said Kshitij Sharma, Managing Director, Spiro Kenya.
He added, "Our bikes are popular not only due to the alternative solution we offer as fuel prices go higher but also because of the work we have put into research and development to make sure they are relevant to the African market. The bikes are environmentally friendly and require minimal maintenance, making them very popular with riders as they try to minimize the costs of running their two-wheeled vehicles."
The firm has established a network of automated battery swap stations in Mombasa and is in the process of doing the same in Nairobi to meet the anticipated demand for affordable electric bikes.
The initial cash retail price of the Spiro motorcycle will be Sh195,000, and Sh196,700 for customers who will need Watu to manage logbook transfers for ownership, all in Kenyan Shillings.
For those buying on credit, an 8 per cent or Sh20,000 down payment will be required, with daily payments starting from Sh 455.