Stanbic Bank Ghana has launched the 'Be Powered' campaign, an initiative aimed at promoting electric mobility in the country. The campaign offers financing to individuals and businesses seeking to acquire electric vehicles and other e-mobility equipment. This move is part of the bank's broader sustainable mobility drive, which also includes financing for solar energy systems. The campaign seeks to help customers overcome financial barriers associated with transitioning from conventional vehicles to electric alternatives.
According to Kwame Offei, Head of Product at Stanbic Bank, electric mobility is becoming increasingly important as countries and businesses look for more sustainable transportation options. He noted that the potential benefits of electric vehicles go beyond their environmental advantages, citing possible savings in fuel and maintenance costs. The technology can also offer a different driving experience, including quieter operation and features associated with newer vehicle technology.
The 'Be Powered' campaign is available to both individuals and businesses, including existing and prospective customers. Stanbic Bank's Head of Vehicle and Asset Financing, Wendy Nelly Sarpong, stated that the bank can finance up to 100 percent of the value of an eligible electric vehicle or e-mobility requirement, subject to assessment of the customer's ability to repay. The bank offers financing structured over a period of between six and ten years, giving customers a longer period to spread repayment.
Stanbic Bank's approach to financing electric vehicles is tailored to individual customers and businesses. The bank assesses an individual's income when determining affordability, while businesses are assessed based on their cash flows and financing needs. Sarpong explained that the bank co-creates financing parameters with customers, taking into account their unique financial situations.
The 'Be Powered' campaign also incorporates vetted vendors to help customers make informed decisions about the technology they are purchasing. Sarpong stated that the bank wants customers to make financially sustainable decisions rather than simply complete a purchase. The vetted vendors can provide support beyond the sale of the vehicle or equipment, including technical assistance and after-sales service.
Stanbic Bank's initiative seeks to reduce uncertainty around electric mobility, particularly regarding technology, vendors, and long-term support. The bank believes that the cost savings associated with electric vehicles could make them increasingly attractive to individuals and businesses. Electric vehicles can reduce reliance on petrol and diesel and potentially lower some maintenance expenses.
The 'Be Powered' campaign combines financing with access to expertise and approved vendors as Stanbic Bank seeks to support the development of sustainable mobility in Ghana. With financing available to both individuals and businesses, the bank aims to make electric mobility more accessible and encourage more customers to consider transitioning to electric vehicles. The campaign is part of Stanbic Bank's efforts to promote sustainable development and reduce environmental impact.
Key points
- Stanbic Bank offers financing for up to 100 percent of the value of eligible electric vehicles or e-mobility equipment.
- The 'Be Powered' campaign is open to both existing and prospective customers, including individuals and businesses.
- Stanbic Bank's financing for electric vehicles can be structured over a period of six to ten years.
