NAIROBI, Kenya, May 28— Electric vehicle distributor MojaEV has signed a financing agreement with Green Max Capital Advisors to accelerate the deployment of electric vehicles (EVs) for public service operations in Kenya.
The new partnership targets taxis, matatus, and buses in a major EV expansion drive
The partnership seeks to ease access to EVs by offering affordable financing options for drivers, a move that industry players say could transform Kenya’s urban mobility landscape while advancing environmental conservation.
Green Max Capital Group, a U.S.-based investment firm operating in Kenya, is backing the initiative with concessional capital provided by the IKEA Foundation in Europe.
The funding structure allows Green Max to absorb the first risk of repayment on loans, enabling MojaEV to offer flexible lease-to-own options for drivers.
“This is the first financing of this size and amount to allow Uber drivers to eventually own electric vehicles,” said Clifford Aron, CEO of Green Max Capital Group.
“We’re taking the first-loss risk, allowing MojaEV and eventually banks to offer sustainable EV financing.”
The pilot phase of the project will focus on 20 Uber drivers, with Green Max contributing 20% of the financing at concessional interest rates, while MojaEV covers the remaining 80%.
The model is designed to prove the financial viability of EV ownership for low-income drivers, with an eye on scaling up to matatus and buses.
Aron explained that the initiative addresses major challenges facing EV adoption in Kenya, including high upfront costs, insufficient vehicle range, and limited financing options.
MojaEV’s CEO, Wang Ai Ping, emphasized the long-term impact of the project on both drivers and the environment.
“Electric vehicles are the future of mobility. We must endeavor to drive towards a greener future for the betterment of our environment,” he stated.
Ken Obuya, chairman of Drive Electric Group SACCO, welcomed the partnership, calling it a breakthrough for EV drivers.
According to the partners, the move marks a major milestone in Kenya’s journey toward a cleaner, more sustainable public transport system.
