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How EV financing is accelerating electric cars, motorcycle uptake in Africa

Electric vehicles (EVs) often cost less to ride than their petrol-powered counterparts.

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by By Branton Mutea

Business14 August 2025 - 08:37
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In Summary


  • In Kenya, a rider can now own a brand-new electric Boda boda with a deposit as low as Sh25,000, or a quality second-hand model for Sh15,000.
  • For thousands of riders, switching to electric is as much an economic upgrade as it is an environmental decision.

Branton Mutea, Deputy Country Manager, Mogo.






If you have booked a taxi or Boda boda through a ride-hailing app in Nairobi recently, there is a fair chance it was an electric motorcycle or car.

The reason is straightforward: electric vehicles (EVs) often cost less to ride than their petrol-powered counterparts.

In a time when household budgets are stretched, that difference matters. Every shilling saved counts; and more Kenyans are realising they can save money without sacrificing speed or convenience.

When you order a ride on an app, you often find the vehicle just minutes away; a clear indication that electric Boda bodas and cars are becoming an increasingly common sight.

The Global EV Outlook 2025 by the International Energy Agency underscores the trend. Across Africa, sales of electric two-wheelers rose by nearly 40% in 2024, surpassing 10,000 units—double the figure from the year before.

In Kenya, the National Transport and Safety Authority recorded an extraordinary 296% surge in EV registrations: from just 1,059 units in early 2023 to more than 4,200 by the end of 2024.

Kenya is no longer on the sidelines of the global EV race. The nation has set a target for 5% of all newly registered vehicles to be electric by 2030, joining South Africa and Morocco among Africa’s top three adopters.

Globally, EV sales are forecast to exceed 20 million this year—representing more than a quarter of all new cars sold. Charging infrastructure is expanding just as quickly. Worldwide, the number of public charging points has doubled in only two years.

Nairobi is contributing to this growth, with ultra-fast chargers—delivering 150 kW or more—up by 50% in 2024 and now accounting for almost 10% of public fast chargers.

Slow chargers in urban areas serve drivers without home charging, while fast chargers along highways make long-distance travel increasingly practical. Europe offers a model worth replicating, with chargers placed every 50 kilometres on more than three-quarters of its motorways.

African EV manufacturing is also gathering momentum. Local production reduces import costs, creates jobs and accelerates adoption. Yet manufacturing alone will not be enough—the real breakthrough lies in making EVs financially accessible to ordinary Kenyans.

Here, finance is the decisive factor. Asset financiers such as Mogo are enabling Boda boda operators and small business owners to acquire electric motorcycles through flexible payment plans and lease-to-own schemes.

In Kenya, a rider can now own a brand-new electric Boda boda with a deposit as low as Sh25,000, or a quality second-hand model for Sh15,000.

From the outset, these payment models make EVs cost-competitive with petrol motorcycles. Add the significantly lower running costs—no fuel and fewer mechanical repairs—and operators keep more of their earnings whilst cutting emissions.

For thousands of riders, switching to electric is as much an economic upgrade as it is an environmental decision.

Other nations offer valuable lessons. Türkiye leads the electric two-wheeler market outside Asia, selling over 50,000 units in 2024. Albania, powered entirely by hydropower, has made EV ownership virtually emissions-free.

Costa Rica leads the Americas in electric passenger cars. In each case, affordable finance, low interest rates and supportive government policies were the key drivers.

Africa now has the same ingredients: cheaper finance, a growing charging network and an emerging manufacturing base. Together, these are laying the foundations for a continental EV revolution.

This transition is not solely about cleaner air or reducing greenhouse gases. It is about giving riders more predictable incomes, lessening dependence on imported fuel and positioning African economies to compete in one of the fastest-growing sectors in global transport.

Kenya is showing that electric mobility is not a distant ambition. It is here, it is growing and if we maintain the momentum, it could redefine how Africa moves.

The writer is Deputy Country Manager, Mogo.

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