Spiro Kenya, an electric vehicle [EV] company, has announced a partnership with Bodaboost. They will introduce Kenya’s first-ever Sharia-compliant financing solution for electric vehicles. This initiative aims to provide interest-free financing to 5,000 bodaboda riders during its pilot phase within the Nairobi Metropolitan area.
This partnership is a significant step towards advancing Kenya’s green energy agenda. This will be possible by promoting the adoption of electric mobility and reducing carbon emissions in the transport sector. By offering Sharia-compliant financing, Spiro Kenya and Bodaboost ensure affordability for bodaboda operators while adhering to Islamic financial principles.
Key Features of the Sharia-Compliant Financing Solution:
0% Interest Financing: Riders will benefit from interest-free loans, making EV ownership more accessible and cost-effective.
Flexible Payment Plans: Customized repayment schedules will enable riders to manage their financial commitments with ease.
“This partnership with Bodaboost marks a pivotal step in transforming Kenya’s transport sector. By providing an inclusive and sustainable financing solution, we are empowering thousands of riders with affordable and eco-friendly mobility options.” Emphasized Raymond Kitunga, Deputy Head of Spiro Kenya.
“We are thrilled to partner with Spiro Kenya on this initiative. Sharia-compliant financing reflects our commitment to providing ethical and accessible financial solutions that cater to the diverse needs of Kenyan riders.” Said Wangeci Gachuhi, Director of Bodaboost.
The bodaboda industry plays a crucial role in Kenya’s economy, employing over 1.5 million riders nationwide. Transitioning to electric vehicles will not only lower riders’ fuel and maintenance costs but also contribute to Kenya’s broader clean energy goals.
This Sharia-compliant financing initiative is part of Spiro Kenya’s ongoing mission to revolutionize the public transport sector through the widespread adoption of electric vehicles.