Fintech company MOGO has made a significant investment of Sh1 billion from the US International Development Corporation to promote electric vehicle (EV) adoption in Kenya. The initiative focuses on financing e-bikes and three-wheelers at affordable interest rates, aimed at making various EV brands accessible across Nairobi and beyond.
Rauls Leitis, MOGO’s Business Development Project Manager, highlighted the company’s commitment to facilitating customer purchases while maintaining low interest rates. This effort aims not only to expand access to EVs but also to economically empower boda boda operators, crucially impacting both greenhouse gas emissions reduction and daily earnings.
“This investment is pivotal in Kenya’s e-mobility sector, particularly in ensuring that financing remains accessible to those traditionally underserved by traditional banking services,” said Leitis. He emphasized MOGO’s role in lowering barriers to entry for electric bodas, offering reduced interest rates and minimizing down payments compared to conventional fuel-powered bikes.
MOGO’s financing strategy supports a battery-swapping model for electric boda bodas, enhancing operational efficiency and reducing downtime for operators. This approach not only boosts daily earnings potential but also contributes significantly to environmental sustainability by reducing reliance on fossil fuels.
Kenya’s e-mobility industry is poised for accelerated growth, with MOGO’s investment expected to play a crucial role in driving this expansion further. The partnership with the US International Development Corporation underscores a shared commitment to advancing sustainable transportation solutions across the region.
“With our financing solutions for EVs, MOGO aims to empower more boda boda operators to transition to electric vehicles, contributing to a cleaner environment and enhanced economic opportunities,” stated Leitis. The initiative aligns with global efforts to combat climate change and supports Kenya’s broader goals of reducing carbon emissions and fostering sustainable development.
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