Watu Credit partners 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. A number of EV companies in Africa indicate that more than 90% of the vehicles they sell are financed. To boost sales, they are partnering with multiple financiers, such as asset lenders, banks, saccos, and digital lenders to link them to buyers. 

• TankVolt, owned by China’s Transsion Holdings, operates in Uganda, Nigeria, Kenya, Tanzania, which are 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 for the EV, with customers paying daily, weekly or monthly instalments over a set period of time, often between 18 months and 60 months. The vehicle is then used as collateral. 

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