Kenya: MojaEV, Green Max Capital Partner To Accelerate Kenya’s EV Adoption

Kenya’s electric mobility drive has received a major boost following a strategic partnership between MojaEV, a leading electric vehicle (EV) distributor, and Green Max Capital Advisors, aimed at easing access to EVs for public transport operators.

The landmark agreement seeks to roll out electric taxis, matatus, and buses by offering affordable, flexible financing solutions that lower the barrier to EV ownership, particularly for low-income drivers.

Green Max Capital will provide concessional funding backed by the IKEA Foundation, absorbing the initial risk of defaults in a bid to de-risk the lending model for future investors. “This is the first large-scale financing initiative that enables Uber drivers to ultimately own electric vehicles,” said Clifford Aron, CEO of Green Max Capital Group.

“By taking on the first-loss risk, we’re creating a framework for MojaEV and eventually local financial institutions to provide sustainable EV financing.”

The pilot phase will begin with 20 Uber drivers, with Green Max covering 20% of the vehicle cost at concessional interest rates, while MojaEV covers the remaining 80%.

The program includes a lease-to-own structure, allowing drivers to gradually pay off the cost of the vehicle and eventually gain full ownership.

The initiative directly tackles major hurdles to EV adoption in Kenya, including high upfront costs, range anxiety, and scarce financing options.

It also aligns with national and global climate goals by reducing emissions from the transport sector. “Electric vehicles are the future of transportation,” said MojaEV CEO Wang Ai Ping.

“This partnership is a critical step toward building a cleaner, greener future for Kenya.”

Ken Obuya, Chairman of the Drive Electric Group SACCO, hailed the agreement as a breakthrough for EV drivers across the country, signaling a scalable model that could transform the entire public transport ecosystem.

If successful, the pilot will expand to include matatus and buses, accelerating Kenya’s transition to a climate-resilient, low-emission transport system.

Source: https://energynewsafrica.com