Spiro Kenya, Africa’s leading Electric Vehicle Company, has announced an exciting partnership with Bodaboost to introduce Kenya’s first-ever Sharia-compliant financing solution for electric vehicles (EVs). In its pilot phase, this partnership targets offering interest-free financing to 5,000 Boda Boda riders, mainly within Nairobi Metropolitan.
This partnership also aligns with Kenya’s ongoing efforts to accelerate green energy adoption and reduce carbon emissions in the transport sector. Through Sharia-compliant financing, Spiro Kenya and Bodaboost provide riders with an innovative financial product that adheres to Islamic principles while ensuring affordability for operators.
The Financing option has attractive features because.
- 0% Interest Financing: Boda boda riders will benefit from interest-free loans, making EV ownership more accessible and cost-effective.
- Flexible Payment Plans: Tailored payment schedules will ensure riders can meet their repayment obligations without financial strain.
Speaking during the partnership signing event, Spiro Kenya’s Deputy Head, Raymond Kitunga, expressed enthusiasm about the partnership. “This partnership with Bodaboost is a pivotal step toward transforming Kenya’s transport sector. By offering an inclusive and sustainable financing solution, we are empowering thousands of riders”
Bodaboost’ s Director, Wangeci Gachuhi, also highlighted the importance of this partnership, stating, “We are thrilled to collaborate with Spiro Kenya on this initiative. Sharia-compliant financing reflects our commitment to providing ethical and accessible financial solutions that meet the diverse needs of Kenyan riders.”
The boda boda sector is a key driver of employment in Kenya, with over 1.5 million riders earning their livelihoods from the sector. By adopting electric vehicles, riders will significantly reduce their fuel and maintenance costs while playing a crucial role in Kenya’s green energy transition.
The Sharia-compliant financing initiative is part of Spiro Kenya’s broader mission to transform the public transport sector through the adoption of EVs.
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