SBM Bank Kenya Launches KES 1 Billion Green Finance Facility to Accelerate EV Adoption

Toward a more sustainable future, SBM Bank Kenya recently solidified its role in this transition by unveiling a KES 1 billion Green Finance Facility. This dedicated fund is designed to lower the high entry costs that often deter individuals and businesses from adopting electric (EV) and hybrid (PHEV) vehicles. Over the next twelve months, the bank intends to provide the necessary liquidity to turn green mobility from a luxury niche into a viable commercial standard.

Infrastructure and financing have long been the primary hurdles for EV adoption in East Africa. By earmarking such a significant amount, SBM Bank is addressing the credit gap directly. The bank recently reported a Profit Before Tax of KES 614 million. This stability allows the institution to pivot toward high-impact environmental, social, and governance (ESG) initiatives that align with Kenya’s national climate goals. The country also currently aims to reduce its carbon emissions by 32% by 2030, a target that requires a massive overhaul of the transport sector.

Bhartesh Shah, the CEO of SBM Bank Kenya, noted during the launch that the mission is to catalyze a national shift. He emphasized that the goal is to make sustainable mobility an accessible reality for entrepreneurs and families alike. To prove the efficacy of the technology it is now financing, the bank spent KES 45 million to modernize its own corporate logistics. Through a partnership with CFAO Mobility Kenya, SBM integrated five BYD vehicles into its fleet, including the Shark 6 and Sealion 6 models.

By utilizing the very technology they are promoting, the bank demonstrates that electric vehicles are ready for the rigors of daily commercial use. Nicolas Ruffier des Aimes, General Manager of BYD by CFAO Mobility Kenya, highlighted that this collaboration goes beyond a simple vehicle purchase. It sets a foundation for a broader ecosystem that includes charging solutions and fleet management. As more players enter the market, the cost of maintenance and energy will likely drop, further incentivizing the move away from fossil fuels.

Ultimately, this KES 1 billion facility acts as a bridge between current financial constraints and the country’s long-term environmental aspirations. For the Kenyan market, the arrival of dedicated green credit lines signals that the transition to zero-emission transport is no longer a distant possibility but a current economic priority.