M-KOPA has announced it has financed more than 10,000 electric motorbikes in Kenya.
The company is now expanding its financing offering to electric tuk-tuks. With this move targeting another important segment of Kenya’s public and commercial transport sector.
M-KOPA allows riders to spread the cost of electric vehicles over time through its pay-as-you-go model. This reduces the upfront cost of acquiring an income-generating asset and spread it over time.
According to M-KOPA customer data, riders save an average of KSh530 per day through lower energy and maintenance costs, as well as access to battery-swapping infrastructure. This translates to an estimated KSh5.3 million in daily savings or roughly KSh1 billion annually based on regular daily use across the 10,000 financed motorcycles.
“Reaching 10,000 financed electric motorbikes reflects growing demand from riders looking to lower operating costs and improve their earnings,” said Brian Njao, General Manager, Mobility, M-KOPA.
Njao added that the company is applying the same financing model to electric tuk-tuks. With this, it helps operators access lower-cost vehicles without a large upfront payment.
The company currently finances electric motorcycles from manufacturers including Ampersand, Roam and Spiro. It has also partnered with Bolt to expand access through financing and rider incentives.
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Also Read: M-KOPA Surpasses 10 Million Customers