Wang Ai Ping CEO MojaEv Kenya Limited (right) and Clifford J Aron, founder and CEO Green Max Capital Group, holds the signed agreement to finance 20 taxi drivers. Photo/Courtesy
By Muthoni Wainaina
Kenya’s transition to clean and affordable transport is gaining momentum through a new electric vehicle financing initiative launched by MojaEV and GreenMax Capital Group.
The partnership, unveiled in Nairobi, aims to help informal sector drivers acquire electric vehicles while supporting the country’s broader green mobility agenda.
Backed by concessional funding from the IKEA Foundation, the pilot project will initially enable 20 Uber drivers in Kenya to lease electric vehicles with the option to eventually own them. The financing model significantly lowers the daily repayment burden and removes some of the key financial risks that have prevented banks from supporting similar efforts in the past.
Clifford Aron, Chief Executive Officer of GreenMax Capital, said his firm is absorbing the first 20 percent of any potential loan losses to make the package more attractive to lenders. “We are taking the first-loss risk so that MojaEV can offer better terms to drivers and prove that this model works in the Kenyan market,” said Aron during the launch.
MojaEV is providing the remaining 80 percent of the capital and will manage the lease agreements. While repossession remains an option for long-term defaults, the company has pledged to work with drivers facing temporary income loss due to illness or family emergencies. The model is intended to be flexible and supportive, rather than punitive.
Pilot to pave way for wider adoption
MojaEV Chief Executive Officer Wang Ai Ping said the pilot will lay the groundwork for a larger rollout of electric matatus and buses, with a 150 million dollar expansion expected to begin later this year. “This pilot demonstrates that electric vehicle financing is viable even for informal sector drivers. It is a scalable model that can work for youth and women as well,” he said.
Wang noted that battery improvements have addressed one of the key limitations of earlier electric vehicles, which required frequent charging and disrupted work shifts. Newer models now cover over 300 kilometers on a single charge, enabling drivers to work full days without interruption.
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However, Wang raised concerns about the high taxes levied on imported electric vehicles. “We were promised tax exemptions for the first 100,000 electric vehicles, but we are currently paying duties of up to 75 percent. If this does not change, we may consider relocating our manufacturing operations to countries like Rwanda or Tanzania,” he warned.
Ken Shadrack Obuya, Chairperson of the Drive Electric Group Savings and Credit Cooperative, praised the initiative, saying it reduces costs for drivers while helping to fight climate change. “With just 1,500 shillings worth of electricity, you can drive to Nakuru and back. That is real savings and a better deal for the environment,” he said.
The project’s success depends on broader policy reforms. Stakeholders are calling on the government to lower import duties, simplify customs procedures, and expand charging infrastructure. If these steps are taken, they say, Kenya could become a leader in clean, efficient public transport.
The MojaEV and GreenMax partnership is more than a pilot. It is a blueprint for transforming urban mobility in Kenya.
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