M-KOPA eyes electric tuk-tuk financing after motorcycle success
In a statement, M-KOPA said the move will allow tuk-tuk operators to acquire electric vehicles through its pay-as-you-go financing model, which spreads payments over time and reduces the upfront cost of purchasing a vehicle.
Nairobi, Kenya - M-KOPA, the Kenyan clean energy firm, has expanded its financing options to electric tuk-tuks, in addition to electric motorcycles. The pay-as-you-go model allows tuk-tuk operators to acquire vehicles through manageable, over-time payments, reducing initial purchase costs. M-KOPA customers typically save an average of Sh530 per day in energy and maintenance expenses, thanks to lower operating costs and battery-swapping infrastructure.
Brian Njao, General Manager of Mobility at M-KOPA, stated that reaching 10,000 financed electric motorcycles illustrates the growing demand for cost-effective and environmentally-friendly transport solutions. The company is now extending this financing approach to electric tuk-tuks, enabling operators to access cleaner, lower-cost vehicles without the financial strain of a large upfront payment.
Kenya's push for clean mobility in the passenger transport sector is aimed at addressing air pollution in urban centers like Nairobi. The National Electric Mobility Policy provides incentives for investment and private-sector participation in electric transport, including zero-rated VAT on electric vehicles and zero excise duty on certain models.
M-KOPA has already financed electric motorcycles from various manufacturers and partnered with Bolt to offer financing and rider incentives.
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