Nairobi — Boda boda riders are set to enjoy cheap e-bikes through an affordable financing scheme that will soon be unveiled by the government.

Speaking during this year's Madaraka Day celebration in Embu, President William Ruto said the initiative will make the acquisition of bikes affordable, removing the financing gap for hundreds.

It will also offer a reprieve to riders who have been complaining of the high cost of acquiring bikes through credits that charge riders more than double the actual motorcycle prices.

"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," Ruto said.

Currently, boda boda riders pay at least Sh300 and Sh15,000 per day in deposits to get new motorbikes. Ultimately, riders end up paying more.

Higher overall payments in hire purchase schemes have been described as exploiting the poor.

Hire-buy businesses refute the claim, saying they help low-income people acquire assets.

It comes at a time when petroleum prices continue to rise, with the president noting the rollout 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," the head of State added.

"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."