Bolt and M-KOPA launch 5,000 electric bikes in Kenya to boost driver income

M-KOPA, a leading fintech platform based in Nairobi that specializes in offering digital financial solutions to the underbanked population in Africa, has partnered with Bolt to introduce an innovative electric motorcycle (e-bike) initiative in Kenya. The strategic collaboration is orchestrated by M-KOPA’s Mobility division and aims to deploy a fleet of over 5,000 e-bikes across the nation within a span of the next three years. This will empower drivers with the opportunity to make convenient digital micropayments.

The timing of this launch coincides with Kenya’s ambitious steps towards embracing e-mobility, marked by the recent unveiling of its National E-mobility Policy draft. This policy is poised to catalyze the domestic production and assembly line for electric vehicles (EVs), positioning Kenya as a forward-looking player in the sustainable transportation arena.

Integrating Bolt’s expansive ride-hailing network with M-KOPA’s established position as the premier financier for e-bikes in Kenya, the alliance will facilitate access to ROAM and Ampersand electric motorbikes for both new and existing Bolt drivers. Notably, these e-bikes will be offered at a substantially reduced rate compared to the standard market prices, presenting an economically viable option for drivers.

The proposition set forth by this partnership is anticipated to yield a significant reduction in total ownership expenses for the drivers, with estimated savings of about 40% when juxtaposed against the costs of traditional petrol-powered motorcycles.

To avail of the e-bikes, drivers are expected to enter the fleet by leveraging vehicle financing, a provision made possible through the tripartite agreement connecting M-KOPA, ROAM, and Ampersand. Subsequently, drivers will be required to operate solely within the Bolt platform, and upon fulfilling the terms of the lease, they will gain full ownership of the electric bikes. This approach not only promotes the adoption of green technology but also provides a viable pathway to asset ownership for drivers within the region.

The innovative partnership between M-KOPA and Bolt to deploy an electric motorcycle fleet is anticipated to revolutionize the transportation landscape in Kenya, with far-reaching benefits for drivers and the environment. The introduction of over 5,000 e-bikes is set to provide drivers with a greener mode of transport that produces zero emissions and demands less in terms of maintenance when compared to conventional petrol or diesel vehicles. This eco-friendly approach is expected to enhance driver earnings by significantly reducing operational costs, all while making a constructive contribution to environmental sustainability initiatives within the country.

For several years, Bolt has demonstrated its commitment to eco-conscious practices throughout Africa by funneling investments into an array of projects dedicated to renewable energy and the conservation of natural resources. Since 2019, the company has been an active proponent of green energy solutions, showing a clear dedication to sustainable development on the continent.

Echoing this commitment, in 2021, Bolt took a significant step by introducing ‘Bolt Green’, a new category within its ride-hailing service tailored to the Nairobi market. This category is unique, as it exclusively features hybrid and electric cars, marking a considerable stride towards offering an environmentally responsible choice for passengers and aligning with the company’s goal of reducing its overall carbon footprint in Kenya.

David Damberger, the Managing Director of M-KOPA Mobility, has voiced the firm’s dedication to transforming the mobility sector in Kenya. By focusing on offering affordable financing solutions that cater to e-bikes, M-KOPA is setting out to reimagine transportation access, particularly for those in the underbanked segment. This mission is aimed at not only bridging the gap in mobility options but also at supporting the socio-economic advancement of individuals through improved access to environmentally responsible and cost-effective transportation.

Established in 2011, M-KOPA is an innovative fintech company leveraging state-of-the-art technology to extend digital financial services to underserved Kenyans. At the core of M-KOPA’s operation is the integration of digital micropayments with the Internet of Things (IoT), utilizing advanced data analytics to offer seamless financial solutions.

Throughout its journey, M-KOPA boasts of a significant impact; the company has proudly granted over $1 billion in credit to consumers who otherwise might not have had access to traditional financing avenues. Their services have reached an impressive milestone, providing 4 million customers with the financial means to acquire smartphones, access digital loans, and obtain vital health insurance coverages.

With its roots in Kenya, M-KOPA has successfully expanded its operational footprint beyond its home territory, marking its presence in several other African nations, including Nigeria, Uganda, and Ghana. The company’s expansion underscores its commitment to broadening financial inclusion and economic empowerment across the continent, further reinforcing its role as a foremost player in the region’s burgeoning fintech landscape.

In the Kenyan market, M-KOPA has established itself as the foremost financier of e-bikes, commanding an impressive market share of approximately two-thirds. This dominant position reflects the company’s significant influence and leadership in the growing sector of eco-friendly transportation solutions within the country.