Watu Credit links with TankVolt to finance EVs

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Asset lender Watu Credit has signed a deal with Chinese-owned electric motorcycle company TankVolt to finance EVs in Africa. Less than 10% of EVs on the continent are bought with cash. To boost sales, manufacturers are partnering with various financiers, such as asset lenders, banks, credit cooperatives and digital lenders to attract buyers.

• TankVolt, owned by China’s Transsion Holdings, operates in Uganda, Nigeria, Kenya and Tanzania, some of Watu’s key markets. The company is also in Ethiopia and is eyeing further expansion across Africa.  

• Asset financiers like Watu often require a deposit, and then customers pay daily, weekly or monthly instalments over a set period of time, often between 18 months and 60 months.

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