Spiro and Equity Bank of Rwanda have signed a Memorandum of Understanding (MoU) to enhance the financing model targeting electric motorbikes. The partnership is poised to support green investments, drive economic growth, enhance financial inclusion, and foster capacity building and technical expertise within the country. In addition, the partnership also aligns with Rwanda’s goal to reduce carbon emissions by at least 38% by 2030, with electric mobility transition being a key focus for a greener future.
The recent ban on Internal Combustion Engine (ICE) motorbikes in Rwanda, effective January 2025, has paved the way for the country’s EV revolution.
Spiro’s CEO, Kaushik Burman, noted that by joining forces with the bank, they will leverage their expertise to create innovative financing models that align with Rwanda’s national climate resilience, gender equality, and reducing carbon footprint in the transport sector.
Equity Bank Rwanda CEO, Hannington Namara, said customers will have access to tailored financial products that support the adoption of sustainable technologies, including EVs and renewable energy solutions.
By designing financial products that address affordability, the partnership fosters economic resilience for low-income individuals —for this case, motorbike riders. This model exemplifies how targeted financing can drive inclusive green transitions.
Since entering Rwanda in 2022, Spiro has scaled its operations, deploying thousands of electric motorcycles in Kigali and secondary cities [targeting riders and delivery services] and establishing a network of over 50+ battery-swapping stations to enable riders to exchange depleted batteries for fully charged ones in under a minute. In addition, introduced affordable leasing models, allowing low-income drivers to adopt EVs without upfront battery costs.
Spiro’s IoT-enabled batteries and AI-driven infrastructure ensure efficiency, while its bikes—built for Rwanda’s hilly terrain—offer an 80–100 km range per charge, slashing fuel costs by up to 50% compared to gasoline bikes.
Rwanda’s push for electric mobility aligns with its National Strategy for Climate Action and Low-Carbon Development, the Green Growth and Climate Resilience Strategy (GGCRS), which aims to transform the country into a developed, climate-resilient, and low-carbon economy by 2050 —Spiro being a key player in the journey.
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Spiro is Africa’s largest EV player, specialising in electric motorbikes and battery-swapping infrastructure to transform urban mobility with more than 30,000 bikes in circulation in 6 countries: Benin, Togo, Rwanda, Uganda, Kenya, and Nigeria, and over 20 million battery swaps.
Under the leadership of Burman, Spiro plans to expand its footprint to 10 countries by 2025, including Tanzania and the Democratic Republic of the Congo (DRC), while diversifying its offerings with electric three-wheelers and mini-cars tailored for Africa’s urban and rural transport needs. Central to Spiro’s strategy is building a pan-African green energy ecosystem, integrating solar-powered charging infrastructure to ensure sustainable and accessible energy solutions. By prioritizing affordability, innovation, and equitable access, Spiro is positioning Africa as a global leader in cutting-edge EV adoption, proving that the continent can leapfrog fossil-fuel dependency and pioneer a cleaner, greener mobility future.
See also: The Birth, Growth, and Future of Electric Vehicles in Uganda
Written with inputs from Spiro’s press release
