Electric vehicles (EVs) are becoming increasingly popular worldwide, and Kenya is no exception. However, the high upfront cost of EVs has been a significant barrier for many potential buyers, particularly in the ride-hailing sector. OpenCharge is addressing this challenge by offering innovative financing solutions that make EV ownership accessible and affordable for all.
The Challenge of Financing EVs
While EVs offer long-term savings on fuel and maintenance, the initial purchase price remains a hurdle for many. Traditional financing options often come with high-interest rates and inflexible terms that don’t cater to the unique needs of ride-hail drivers. This is where OpenCharge steps in with tailored financial products designed specifically for the Kenyan market.
Our Unique Financing Model
OpenCharge’s financing model is built on understanding the financial realities of ride-hail drivers. We offer competitive interest rates, starting at 1.7% per month (20% per annum), with flexible repayment periods ranging from 36 to 60 months. This allows drivers to choose a plan that fits their income and lifestyle. Additionally, we provide the first year of charging for free, further reducing the financial burden on our customers.
Risk Management and Credit Assessment
One of the key aspects of our financing model is our robust credit assessment process. We understand that many ride-hail drivers may not have a traditional credit history, so we’ve developed a more inclusive approach that considers various factors beyond credit scores. Our risk assessment tools are designed to ensure that we can offer financing to as many drivers as possible while maintaining a sustainable business model.
Supporting the EV Ecosystem
Beyond financing, OpenCharge is committed to supporting the broader EV ecosystem in Kenya. We’re working closely with partners to expand the network of charging stations and provide drivers with the resources they need to make the most of their EVs. This holistic approach ensures that our customers have everything they need to succeed on their electric journey.
OpenCharge is leading the way in making electric vehicle ownership affordable and accessible in Kenya. By offering tailored financing solutions and supporting the broader EV ecosystem, we’re helping to drive the transition to sustainable transportation. Our commitment to innovation and customer satisfaction sets us apart as a leader in the EV financing space.