In a significant boost to Africa’s clean transportation sector, the Dutch entrepreneurial development bank FMO has approved a loan of up to $1 million to Zembo Motorcycles, a Ugandan-based electric mobility company. The funding is aimed at accelerating the company’s mission to provide sustainable, affordable, and efficient transport solutions in East Africa.
Founded with a vision to reduce urban air pollution and dependence on fossil fuels, Zembo Motorcycles offers electric motorbikes to commercial riders—commonly known as boda boda operators—either directly or through third-party financing partners. The company operates on a battery-as-a-service model, which allows riders to swap depleted batteries for fully charged ones at any of its 29 battery-swap stations strategically located across Uganda.
This innovative model enables riders to pay only for the electricity consumed, significantly lowering operational costs compared to traditional fuel-powered motorcycles. It also eliminates the need for long charging times, making electric mobility more practical for high-usage commercial drivers.
Zembo currently employs 75 staff members, most of whom are engaged in its central operations and battery-swap network. The newly approved FMO loan will be used specifically to procure additional batteries and charging equipment, enabling the company to expand its fleet and battery-swapping infrastructure to meet growing demand.
This investment aligns with FMO’s broader commitment to supporting green, inclusive, and sustainable private sector growth in emerging markets. By backing Zembo, FMO is contributing to the development of climate-resilient infrastructure and the promotion of clean energy solutions in Africa’s rapidly urbanizing cities.
