Stanbic Bank moves to boost electric vehicle through ‘Be Powered’ campaign

Stanbic Bank Ghana is launching a campaign called 'Be Powered' aimed at promoting electric vehicle adoption in the country. The initiative provides financing to individuals and businesses who wish to purchase electric vehicles and other e-mobility equipment.

The campaign is part of the bank's broader sustainable mobility effort, which also involves financing solar energy systems. Stanbic Bank believes that electric mobility is becoming increasingly important as countries and businesses seek more environmentally friendly transportation options.

Head of Product at Stanbic Bank, Kwame Offei, emphasizes that electric mobility is the future, offering benefits beyond environmental advantages such as potential savings in fuel and maintenance costs. He also notes that electric vehicles can provide a different driving experience, including quieter operation and features associated with newer technology.

The campaign extends to businesses that use trucks and other equipment, with options for e-vehicles or e-mobility technology as well. Stanbic Bank's Head of Vehicle and Asset Financing, Wendy Nelly Sarpong, confirms that the campaign is open to both existing and prospective customers.

Financing through the 'Be Powered' campaign can cover up to 100% of the eligible electric vehicle or e-mobility requirement, with repayment periods ranging from six to ten years. The bank tailors financing to individual or business needs, assessing income for individuals and cash flows and financing requirements for businesses.

The initiative also involves partnering with vetted vendors to help customers make informed decisions about the technology they purchase. The bank aims to ensure financially sustainable decisions rather than just facilitating a purchase. Vendors provide post-sale support, including technical assistance and after-sales services.

Stanbic Bank believes that the cost savings associated with electric vehicles may make them increasingly attractive to customers, reducing reliance on petrol and diesel while potentially lowering maintenance expenses. For businesses operating fleets or using electric equipment, the transition could help reduce operating costs while supporting sustainability objectives.

By combining financing with access to expertise and approved vendors, Stanbic Bank seeks to make electric mobility more accessible and encourage more customers to consider the transition to electric vehicles in Ghana.