The financing arrangement comes as vehicle owners face pressure to manage fuel and operating costs Equity Bank Kenya director of SME banking Collins Wanyonyi, Proto Energy managing director Joel Kamau, Equity MD Moses Nyabanda, and Proto Energy Head of ESG Aggrey Ganira during the partnership signing in Nairobi that will expand access to financing adoption of LPG solutions.
/HANDOUT Equity Bank Kenya director of SME banking Collins Wanyonyi, Proto Energy managing director Joel Kamau, Equity MD Moses Nyabanda, and Proto Energy Head of ESG Aggrey Ganira during the partnership signing in Nairobi that will expand access to financing adoption of LPG solutions.
/HANDOUT Kenya’s Autogas market is targeting a doubling of converted vehicles to 40,000 as energy firms and banks move to make it easier for motorists and fleet operators to finance the shift from conventional fuels. About 20,000 vehicles had been converted to Autogas in Kenya by the end of 2024, according to Proto Energy, which is now seeking to accelerate adoption through a new financing partnership with Equity Bank.
The partnership has introduced an Autogas Conversion Loan targeting motorists, taxi and ride-hailing operators, public service vehicles, small and medium-sized enterprises and corporate fleets seeking to convert eligible vehicles to dual-fuel systems. Under the arrangement, Equity Bank will provide financing while Proto Energy, through its OTOGAS business, will provide technical expertise and conversion services.
Proto Energy managing director Joel Kamau said the company wants to double the number of vehicles running on Autogas, with financing expected to help address the upfront cost of conversion. “Our ambition is clear: to double the number of Autogas-converted vehicles to 40,000,” Kamau said.
The financing arrangement comes as vehicle owners face pressure to manage fuel and operating costs, with the cost of converting a vehicle to a dual-fuel system potentially presenting a barrier to wider adoption. The new loan is intended to spread the cost of conversion, allowing eligible vehicle owners to access credit rather than meeting the full cost of the equipment and installation upfront.
Equity Bank managing director Moses Nyabanda said financing could help customers overcome the initial investment required to adopt LPG-based solutions.