Stanbic Bank Ghana is seeking to support the growth of electric mobility in Ghana through its 'Be Powered' campaign, offering financing to individuals and businesses seeking to acquire electric vehicles and other e-mobility equipment.

The initiative forms part of the bank’s broader sustainable mobility drive, which also includes financing for solar energy systems.

Stanbic Bank says the campaign is intended to help customers overcome the financial barriers associated with transitioning from conventional vehicles to electric alternatives.

Speaking on Joy FM 's Super Morning Show on September 25, Kwame Offei, Head of Product at Stanbic Bank, says electric mobility is becoming increasingly important as countries and businesses look for more sustainable transportation options.

“In terms of electric vehicles, that is where the world is moving to.”

He says the potential benefits of electric vehicles go beyond their environmental advantages, pointing to 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.

Mr Offei says the opportunities are not limited to private passenger cars.

“For companies that are into trucks and other equipment, they are e-vehicles or e-mobility type of equipment that they can also jump into.”

Stanbic Bank's Head of Vehicle and Asset Financing, Wendy Nelly Sarpong, also says the campaign is available to both individuals and businesses, including existing and prospective customers.

“This is open to both our existing and prospective customers. And we're doing this for both individuals and businesses.”

Under the initiative, Stanbic Bank says it 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 says financing can be structured over a period of between six and ten years, giving customers a longer period over which to spread repayment.

Ms Sarpong says the bank does not rely on a single financing formula for all customers.

“We understand you as an individual. We understand you as a business. And we co-create the parameters together.”

She explained that the bank assesses an individual's income when determining affordability, while businesses are assessed based on their cash flows and financing needs.

The 'Be Powered' campaign also incorporates vetted vendors to help customers make informed decisions about the technology they are purchasing.

Ms Sarpong says the bank wants customers to make financially sustainable decisions rather than simply complete a purchase.

“Our goal is to help our customers make a financially successful decision and not just a purchase.”

She says the vetted vendors can provide support beyond the sale of the vehicle or equipment, including technical assistance and after-sales service.

Stanbic Bank says its approach is intended to reduce some of the uncertainty customers may face when considering electric mobility, particularly around technology, vendors and long-term support.

The bank also believes the cost savings associated with electric vehicles could make them increasingly attractive to individuals and businesses.

Mr Offei noted that electric vehicles can reduce reliance on petrol and diesel and potentially lower some maintenance expenses.

For businesses operating fleets, trucks or other equipment, the bank says electric alternatives could also provide opportunities to reduce operating costs while supporting their sustainability objectives.

The 'Be Powered' campaign therefore 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 says the initiative is designed to make electric mobility more accessible and encourage more customers to consider the transition to electric vehicles.