Electric vehicle distributor MojaEV has entered into a strategic financing agreement with Green Max Capital Advisors to scale up electric vehicle (EV) adoption in Kenya’s public transport sector.
The partnership aims to accelerate the rollout of EVs for taxis, matatus, and buses by providing drivers with affordable, flexible financing options an initiative industry experts believe could revolutionize urban mobility in Kenya and contribute significantly to environmental sustainability.
Green Max Capital, a U.S.-based investment firm active in Kenya, is supporting the initiative with concessional capital from the IKEA Foundation in Europe. Under the arrangement, Green Max will take on the initial risk of loan defaults, enabling MojaEV to introduce lease-to-own models that make EV ownership more accessible for low-income drivers.
“This is the first financing of this size that allows Uber drivers to eventually own electric vehicles,” said Clifford Aron, CEO of Green Max Capital Group.
“By absorbing the first-loss risk, we’re creating a pathway for MojaEV and eventually local banks to offer viable EV financing solutions.”
The pilot phase will begin with 20 Uber drivers, where Green Max will contribute 20 percent of the vehicle cost at concessional interest rates, and MojaEV will cover the remaining 80 percent. This model is intended to demonstrate the financial viability of EV ownership and pave the way for expansion to matatus and buses.
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Aron noted that the project directly addresses key barriers to EV adoption in Kenya, including high upfront costs, limited driving range, and a lack of accessible financing.
MojaEV CEO Wang Ai Ping stressed the long-term benefits of the initiative, stating, “Electric vehicles represent the future of transport. We must push for a cleaner, greener future for the sake of our environment.”
Ken Obuya, Chairman of Drive Electric Group SACCO, hailed the collaboration as a game-changer for EV drivers across the country.
The agreement represents a significant milestone in Kenya’s transition toward a more sustainable and climate-friendly public transport system.
