M-KOPA has financed more than 10,000 electric motorcycles in Kenya, marking a new milestone for the fintech’s electric-mobility business as it expands into financing electric tuk-tuks.
The company said its financed motorcycle riders save an average of KSh530 ($4.10) a day through lower energy and maintenance costs and access to battery-swapping infrastructure.
Across 10,000 motorcycles, that represents about KSh5.3 million in potential daily savings, according to M-KOPA’s customer data.
“Reaching 10,000 financed electric motorbikes reflects growing demand from riders looking to lower operating costs and improve their earnings,” Brian Njao, general manager of Mobility at M-KOPA, said in a statement.
“We are now applying the same financing approach to electric tuk-tuks, helping operators access cleaner, lower-cost vehicles without the burden of a large upfront payment.”
The expansion takes M-KOPA into a larger segment of Kenya’s commercial-transport market, where tuk-tuks are widely used to carry passengers and goods.
The Kenya Tuk Tuk Operators Network estimates the country has more than 250,000 registered tuk-tuks, 750,000 active drivers and about 250,000 owners and investors.
For M-KOPA, the opportunity is to apply its pay-as-you-go financing model to another income-generating asset. Instead of requiring operators to pay the full cost of an electric vehicle upfront, the company spreads payments over time.
M-KOPA finances electric motorcycles from manufacturers including Ampersand, Roam and Spiro, and has partnered with Bolt to expand access to electric motorcycles among ride-hailing drivers.
The company says its mobility customers also receive insurance, GPS tracking, security features, flexible repayments and warranty protection.
The expansion comes as Kenya strengthens incentives for electric mobility. The country’s tax framework provides zero-rating for specified electric vehicles and lithium-ion batteries, while government policy is encouraging investment in electric-vehicle manufacturing, assembly and charging infrastructure.
For commercial operators, however, the transition is ultimately an economic calculation. Electric vehicles can reduce fuel and maintenance expenses, but the savings have to outweigh financing and energy costs while keeping the vehicle productive.
M-KOPA’s latest figures contain one discrepancy. The company’s KSh5.3 million estimate in daily savings would amount to about KSh1.93 billion a year if sustained for 365 days, rather than the approximately KSh1 billion annual figure cited in its announcement. The company did not explain the difference, which could reflect vehicle utilisation assumptions.
The tuk-tuk expansion will provide another test of whether financing can make electric commercial transport economically viable for operators who depend on their vehicles for daily income.
M-KOPA’s strategy increasingly positions the company not simply as a lender for electric vehicles, but as a financing layer connecting vehicle manufacturers, mobility platforms and the workers who use those vehicles to earn a living.