Sterling Bank Partners with EV Firm to Introduce Flexible Payment Plan for Electric Tricycles
- Sterling Bank has partnered with EV company QMEL to offer flexible payment for the latest Electric tricycle
- With this plan, prospective buyers in Nigeria can make a 10% down payment and spread the rest over three years
- This is the same electric tricycle that was unveiled in Lagos state, with a boast of setting a Guinness world record
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Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.
Sterling Bank has entered into a partnership with Qoray Mobility and Energies Limited (QMEL) to provide a flexible payment plan for Nigerians who want to buy electric tricycles.
This plan will help prospective buyers own a seven-seater EV tricycle by making a 10% down payment and spreading the balance over three years or more.
The move puts Nigeria on track with the rest of the world to promote sustainable innovations. Recall that the federal government had entered a partnership with a Moroccan firm to commence local manufacturing and assembling of electric vehicles in Nigeria.
Source: Getty Images
Built for Nigerian roads
Speaking about the latest move, Mr. Akin Akingbogun, the Group Head of Mobility at Sterling Bank said that the bank was happy to partner with QMEL in defining new possibilities in Nigeria.
He commended QMEL for the attention to detail, noting that electric vehicle offers users up to 60-70% cost savings when compared with the regular fuel-powered tricycles, THIS DAY reports.
Boasting a lifespan of over 2,000 charge cycles, the teak offers over five years of dependable performance. Featuring advanced lithium iron phosphate batteries and a MacPherson shock absorber system, it provides outstanding stability across Nigerian rough roads.
Electric tricycle to set Guinness world record
The company Qoray unveiled this Electric tricycle earlier in the week in Lagos and boasted that it could run on full charge for up to 12 hours and cover 100km before it would need to swap discharged battery at the centres.
According to the Managing Director, Mr. Olabanjo Alimi, the tricycle is poised to set a Guinness world record for the greatest distance covered by an electric autorickshaw/ tuk-tuk in 12 hours.
Alimi had said, at the launch, that the launch of this latest product is trend signal to Nigeria and the rest of the world that electric mobility will be a key part of the global sustainable innovation efforts.
Alimi said;
“We’re demonstrating that electric vehicles are not just concepts – they are the future, thriving under real-world conditions and solving last-mile transportation challenges across industries.”
He stated that this is only the latest addition as QMEL had, earlier, built the first-ever solar-powered electric vehicle battery swap stations in Kano State in 2024.
Nigeria's ethical banking institution, the Alternative Bank, also entered an agreement with the Niger state government, to supply 5,000 electric tricycles valued at N14 billion.
Sterling Bank increases Staff salaries
In another development, Legit.ng reported that Sterling Bank had increased its staff salaries by 7%, to help them cope with the rising costs of living.
Details of the increase showed that executive trainees who previously earned N327k will now earn N351,000, while senior executives will take home N527k.
The bank’s personnel cost also increased to N22.6 billion in the first nine months of 2024, even as the new salary takes effect in January 2025.
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Source: Legit.ng
