GreenMax Capital Group, Moja EV launch electric car financing scheme for Uber drivers

Supported by concessional funding from Dutch not-for-profit organisation IKEA Foundation, the initiative aims to make EV ownership more affordable and accessible while cutting carbon emissions.

GreenMax CEO Clifford Aaron said the pilot will initially finance 20 drivers, with the firm absorbing the first-loss risk to attract more financiers into the EV space.

 “We’re taking on 20% of the risk to make the financing package both bankable and affordable,” said Aaron during the launch in Nairobi.

Drivers will lease the EVs at significantly reduced daily rates, eventually transitioning to full ownership. Moja EV will handle repossessions in cases of long-term defaults but promises flexibility for drivers facing temporary setbacks such as illness or family emergencies.

Moja EV is contributing 80% of the capital, with Greenmax providing the remaining 20%, which includes taking on the initial default risk to encourage inclusive lending.

Moja EV CEO Wang Ai Ping CEO said the pilot is the foundation for a larger $150 million rollout targeting electric Matatus and buses starting in September.

 “This model proves that EV financing works, especially for informal sector drivers,” said Ping.

He added that earlier EV rollouts were limited by short battery ranges, but new vehicles now cover over 300km per charge, enabling drivers to complete full shifts.

 “We’ve deployed 100 EVs and collected valuable data to scale this model across the country, including for women and youth,” he said.

However, Ping criticized the high import taxes on EVs of up to 90%, that have nearly doubled the local cost of vehicles. He noted, warning the firm may shift manufacturing to Tanzania or Rwanda if the policy environment doesn't improve.

 “We were promised tax waivers for the first 100,000 EVs, but we are now paying 75% in duties,” 

Ken Shadrack Obuya, Chair of the Drive Electric Group SACCO, welcomed the initiative, calling it a game-changer. 

“With Ksh 1,500 worth of electricity, you can drive to Nakuru and back. It’s cheaper and eco-friendly,” he said.

The stakeholders urged the government to revise EV policies, streamline customs procedures, and expand charging infrastructure to support Kenya’s shift toward clean, affordable transport.