MOGO Kenya, a leading force in Kenyan financial services, has recently secured a Ksh1 billion (US$10 million) investment from the United States International Development Corporation (US DFC).

This strategic injection of capital is set to speed up the adoption of electric vehicles (EVs) across the nation, offering Kenyans a cleaner, more affordable, and future-proof transportation solution.

Breaking Down Barriers to Electric Mobility

Rauls L., MOGO Kenya’s EV Financing Manager, outlined plans to leverage a significant portion of the investment to tackle the key obstacles hindering widespread EV adoption. Here’s how they plan to break down the barriers:

• Slashing Interest Rates: MOGO will offer significantly lower interest rates on loans for electric vehicles and bikes compared to traditional, fuel-powered options. This financial incentive will make EVs a more attractive proposition for Kenyans seeking to reduce their environmental footprint without sacrificing affordability.
• Reduced Down Payments: Recognising that upfront costs can be a major roadblock, MOGO will offer lower down payments on electric vehicles. This strategic move opens the door for a wider range of Kenyans to consider EVs, expanding the market and accelerating the transition to clean transportation.

Focus on Practical and Popular EVs

The US DFC’s investment strategically targets the most popular modes of transportation for many Kenyans: electric motorcycles (boda bodas) and tuk-tuks, along with other small electric vehicles.

By electrifying these workhorses, MOGO and the US DFC aim to make a substantial impact on reducing noise and air pollution in Kenyan cities, contributing to a healthier environment for everyone.

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Leveraging Existing Strengths for a Sustainable Future

MOGO Kenya, a subsidiary of the Eleving Group, is already a well-established player in the Kenyan financing sector. They boast a strong track record of providing affordable financing options for various vehicles, including used cars, logbook loans, and financing specifically designed for boda bodas and tuk-tuks.

This new focus on EVs complements their existing offerings and positions them to be a leader in financing the future of Kenyan transportation.

Spotlight on Electric Boda Bodas

MOGO has already taken the initiative to showcase financing options for several popular electric boda boda models on their website. Let’s take a closer look at some of the options:

• Ampersand TURACO 2: This electric boda boda boasts a starting price of KES 220,000 with a KES 20,000 down payment. Weekly repayments start at a budget-friendly KES 399 (over 24 months).
• ARC RIDE Bidii: Another attractive option, the ARC RIDE Bidii comes in with a starting price of KES 186,650 and a KES 20,000 down payment. Weekly repayments begin at KES 442 (over 24 months).
• Roam Air: The Roam Air offers a starting price of KES 292,000 with a KES 25,000 down payment. Weekly repayments start at KES 707 (over 24 months). This model boasts wider swap station coverage in Mombasa, making it an ideal choice for those who operate in that area.
• Spiro Veo: The most affordable option on this list, the Spiro Veo boasts a starting price of KES 170,500 with a KES 20,000 down payment. Weekly repayments start at a very manageable KES 399 (over 24 months). It’s important to remember that MOGO offers various financing terms, so potential buyers can explore options that best suit their individual budget and needs.

A Brighter, Cleaner Future for Kenya

The US DFC’s investment in MOGO Kenya is a significant step forward for Kenya’s transition to a more sustainable transportation sector. By making EVs more affordable and accessible, MOGO is empowering Kenyans to embrace a cleaner future.

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This strategic partnership is a win-win for the environment, Kenyan businesses that rely on these popular modes of transportation, and everyday Kenyans seeking a more affordable and eco-friendly way to get around.

As MOGO Kenya continues to roll out its EV financing plans, Kenyans can expect cleaner air, quieter cities, and a more sustainable transportation landscape for generations to come.