Mogo Kenya, a part of Eleving Group, shake hands with Bolt and Stima to spread e-bodas in Kenya
The companies have joined forces to promote climate-neutral mobility in Kenya by offering e-motorcycle financing services to local customers.
The motorcycle sector is the largest vehicle segment in Kenya. The number of motorcycles registered in 2021 was more than 1.5 times that in 2018. Motorcycle taxi riders, the largest user segment of motorcycles in the country, are constantly battling skyrocketing operations and maintenance costs of internal combustion engine motorcycles, leaving them with very little in terms of earnings and savings. Electric motorcycles present an opportunity to reduce these costs and hence increase earnings and savings for players in the motorcycle sector.
In the project, Stima will contribute with e-motorcycles and battery-swapping infrastructure. Mogo Kenya, which already has more than 60 000 active lease-to-own agreements in the motorcycle segment, will support lease-to-own plans for riders. At the same time, Bolt will promote e-motorcycles to the fleet of 4 000 riders currently using the Bolt food delivery App to transition them to sustainable mobility solutions. The partnership is set to provide the Kenyan market with a complete solution through lease-to-own asset finance, battery-swapping technology, and ride-hailing.
Jason Gras, Co-Founder and CEO of Stima says: “The partnership with Mogo Kenya and Bolt contributes to the far-reaching goal: to spread the adoption of e-mobility in Kenya and East Africa. By harnessing Stima’s battery-swapping technology, Mogo’s tier-one asset financing, and Bolt’s legacy in ride-hailing, this partnership will put more electric motorcycles on the road.”
Modestas Sudnius, the CEO of Eleving Group, adds: “The future of mobility will be electric. The first steps in educating people about climate-friendly and sustainable decisions must be taken today, and it is a part of the Group’s mid-term and long-term strategy. We want to be present in Kenya with innovative products and productive lending. For us, this project contributes to fulfilling our strategic goals in the field of ESG, where we have committed to increasing the number of emission-free vehicles in our portfolio and reducing the carbon footprint arising from it. For our clients, this project will save money on fuel and maintenance costs. For society, in the long run, it will improve the ecological aspects in the cities, such as air quality and reduced noise levels.”
“Bolt Food is delighted to be partnering with Stima and Mogo Kenya on this initiative as it underpins our commitment to helping couriers earn more while encouraging sustainable modes of transportation. The e-motorcycles will add to our existing greener transport options on our platform, including electric tuk-tuks and e-bicycles. Bolt Food is committed to providing viable economic opportunities to all its courier partners and enhancing customer experience through affordable, reliable, and sustainable services,” said Edgar Kitur, Country Manager, Bolt Food.