Nairobi — The Government is set to unveil low-cost financing for electric motorbikes in a bid to shield boda boda operators from predatory lenders.

Speaking during Madaraka celebrations on Thursday, President William Ruto indicated the intervention will allow affordable ownership of motorbike taxis.

"I have some good news for my boda-boda friends. By September, we are developing a mechanism where you can get electric boda-bodas that do not operate on petrol that will run by electricity," he said.

Currently the boda boda riders pay at least Sh300 per day and Sh15,000 deposit to for motorbike financing, an arrangement that more that doubles the price of a motorbike, in schemes seen as exploitative.

"Our boda boda industry is about to experience inclusive transformation through the introduction of more efficient, affordable and clean vehicles. I am eager that this information reaches the seconder of my presidential nomination, Mr. Calvin Ochieng, who operates in Kilimani, so that he can escalate his hustle to the next level," he said.

Hire purchase businesses have adamantly refuted the charge, claiming that they assist low-income people in acquiring assets that would increase their worth.

Sustainable model

Ruto's commitment comes at a time fuel prices continue to rise with the president noting the roll out of electric transport in the country.

"As international petroleum prices continue to rise beyond reach, the cost of fuel locally rises steeply. Transport, as a component of household budgets, is affecting the cost of living," he noted.

Ruto said the move will liberate those at the bottom of the economic pyramid from reliance on petroleum products.

"We have to liberate Kenyans from reliance on transport that depends on petroleum. For this reason, we are rolling out an electric vehicle public transport system which will bring down the cost of transport significantly."