FEATURED: Ecobank Rwanda, CFAO Mobility to offer ‘exclusive financing’ for BYD electric vehicles

The adoption of electric vehicles (EVs) in Rwanda is accelerating, supported by government incentives that make investing in green technology more appealing. The next step is improving access to these vehicles, and in that vein, Ecobank Rwanda Plc has signed a memorandum of understanding with CFAO Mobility, the distributor of BYD vehicles in Rwanda. On October 4, Srinivas Cheruvu, Chief Operating Officer of CFAO Mobility in Rwanda, and Carine Umutoni, Managing Director of Ecobank Rwanda, formalized the agreement. Ecobank hailed the partnership as “The drive to the future,” emphasizing that EVs represent the future of transportation, and nothing highlights this more than their offer of 100 percent financing at a discounted interest rate. ALSO READ: CFAO Mobility Rwanda launches BYD electric car dealership in Kigali Five years ago, BYD was one of many Chinese automakers in a competitive market. Today, the Shenzhen-based company has emerged as the leader of China’s automotive industry and the world’s largest producer of electric vehicles, including both pure EVs and plug-in hybrids. BYD's rapid ascent can be attributed to billions in government subsidies and a pandemic-driven surge in EV demand as gas prices soared. Another factor is the company’s vertically integrated production system, allowing it to manufacture everything in-house—from batteries and motors to most components. This enables BYD to produce affordable EVs, plug-in hybrids, electric buses, and even monorails. ALSO READ: Global EV sales up 21% in July, says market research firm After the signing, Olivier Mpenzi, Head of Consumer Segments at Ecobank Rwanda, highlighted the benefits of the partnership: “We’re collaborating with CFAO Mobility to offer exclusive deals to Rwandans, especially Ecobank clients. They can purchase brand-new vehicles with ease and spread payments over five years without strain.” “The BYD vehicles, directly from the factory, come with an 8-year guarantee, ensuring service throughout that period. This partnership is particularly significant as we continue to support a green economy, with EVs offering clear advantages over traditional internal combustion engine cars,” he said. ALSO READ: Ecobank registers Rwf7.6 billion net profit in 2023 Mpenzi went on to explain the eligibility process: “To qualify, visit CFAO Mobility or your nearest Ecobank branch. After submitting forms related to income, the process takes about a week, and your vehicle will be on the road. Payments can be made in monthly installments, which should not exceed 50 percent of your monthly income. While we have other partnerships in the car industry, our focus is now on BYD and this green initiative.” “Whether you’re a new or existing client looking to own a 100 percent electric vehicle, come to Ecobank. We’ll guide you through everything, and the car will come fully insured, so that’s one less thing to worry about.” ALSO READ: Ecobank, RTN join forces to boost financial inclusion in Rwanda Augustin Nkotanyi, Sales Representative for CFAO Mobility’s EV Department, noted the growing popularity of BYD electric vehicles in Rwanda: “Since the BYD EVs arrived in Rwanda, demand has steadily increased due to their efficiency and eco-friendliness. These cars require minimal maintenance, and with both on-the-go and home charging options, convenience is a major selling point. Currently, we offer the BYD Dolphin and BYD Atto 3 for SUV enthusiasts.” Nkotanyi also highlighted what potential buyers can expect: “For Ecobank clients, we’ll arrange test drives and assist with all the necessary paperwork at our dealership in Kicukiro. These cars produce zero carbon emissions, making them an ideal choice for eco-conscious drivers. The BYD Atto 3 SUV is priced at Rwf52 million, while the BYD Dolphin is available for Rwf39 million.”

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FEATURED: Ecobank Rwanda, CFAO Mobility to offer ‘exclusive financing’ for BYD electric vehicles