KAMPALA, UGANDA — MOGO Uganda, a leading electric vehicle (EV) financier, is driving a rapid expansion of electric motorcycle adoption across the country by making sustainable transportation financially accessible, particularly for “boda boda” riders. The company’s tailored financing solutions have fueled a significant shift, with MOGO issuing 1,500 electric vehicle loans by May 2025, just one year into its concentrated push for electric bikes.
MOGO Uganda, part of the global FinTech company Eleving Group, has carved a niche by providing affordable pathways to electric motorcycles for boda boda operators, a demographic often facing significant financial barriers. Through strategic partnerships with prominent EV manufacturers such as Zembo, Spiro, and eBee, MOGO offers financing that brings cutting-edge electric bikes, including models like the Zembo Thunder and Spiro Ekon, within reach of everyday riders.
“Without MOGO’s innovative financing, this rapid progress in Uganda’s e-mobility ecosystem simply wouldn’t be possible,” the company stated.
The impact is evident in individual stories like that of Bashir Mutumba, a Kampala-based boda boda rider. Previously burdened by high fuel and maintenance costs for his petrol-powered bike, Mutumba secured an electric bike loan from MOGO with a modest 600,000 Ugandan shillings (about $160) down payment and weekly installments of 77,000 shillings (about $20). He now reports tripling his previous income, largely due to the electric bike’s significantly lower running costs — approximately 8,000 shillings for 80 kilometers compared to 10,000 shillings for 70 kilometers on a fuel-powered bike.
MOGO’s financing model is specifically designed for Uganda’s informal sector. Loan applications are processed within 24 hours, and flexible credit reviews accommodate riders with varied financial histories. To address theft concerns, a common worry for riders, MOGO equips its financed bikes with GPS tracking, offering peace of mind as riders repay their loans over 18 to 30 months. This accessible approach has cemented MOGO’s dominance as Uganda’s largest EV financier, enabling riders to travel more than 2.5 million kilometers on clean energy.
A pivotal moment for MOGO occurred in September 2024, when it secured a 19 billion Ugandan shillings (about $5 million) loan facility from Absa Bank Uganda. This partnership has significantly boosted MOGO’s capacity to scale EV financing, with an initial 5 billion shillings tranche already disbursed. The funds are explicitly targeted at boda boda operators, aligning with Uganda’s National Development Plan III goal to reduce the informal sector from 51% to 45% by 2025, as noted by the World Bank. By offering loans in local currency, MOGO also shields riders from foreign exchange rate fluctuations, making financing more predictable and sustainable.
Beyond the economic uplift for individual riders, MOGO’s initiatives are contributing to crucial environmental change. According to the United Nations Environment Programme (UNEP), Uganda’s transport sector accounts for roughly 50% of energy-related greenhouse gas emissions. Electric bikes, with their zero tailpipe emissions, represent a significant stride toward mitigating this impact. MOGO’s financing directly supports UNEP’s Global Electric Mobility Programme, which backs Uganda’s broader e-mobility push. By collaborating with local manufacturers Zembo, Spiro, and eBee, MOGO ensures riders have access to reliable, locally adapted electric bikes, thereby reducing noise and air pollution in urban centers like Kampala.
MOGO’s commitment to this transition was highlighted during the E-Mobility Parade, organized by the Science, Technology, and Innovation (STI) Secretariat ahead of the National Science and Technology Week in 2024. The event showcased Uganda’s expanding EV ecosystem, with MOGO prominently featured as the country’s leading EV financier.
Despite ongoing challenges such as theft risks, even with GPS tracking, and the need for expanded charging infrastructure, MOGO’s progress is undeniable. The company is not just financing motorcycles; it is empowering individuals with economic freedom and propelling Uganda toward a more sustainable and greener future, one electric bike at a time.
