NOVA Microfinance partners with Spiro to boost uptake of electric mobility

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In a move to advance sustainable mobility and economic empowerment, NOVA Microfinance, a leading provider of inclusive and green financial services, has partnered with Spiro, a pioneer in electric mobility solutions.

The partnership aims to make electric motorbikes more accessible and affordable for individuals and small business owners across Uganda by offering flexible financing and repayment options tailored to the needs of riders.

“We are excited to collaborate with Spiro to empower our customers with access to reliable and eco-friendly transport solutions. By the end of 2026, we aim to have financed a minimum of 2,000 electric boda bodas, which we believe is a good start in reducing the carbon emission in Kampala city and other towns of Uganda,” Precious Naluwu, Manager, Partnerships and NOVA, noted.

A rider on Spiro electric motorbike in Kampala. (Courtesy)

The Boda Boda sector is Uganda’s second largest employer, with millions of riders and millions more that depend on their services, like the support to small-scale commerce and essential transport options for many.

The Boda Boda loans have already been rolled out in Kampala, Jinja and Iganga for an initial down payment of sh180,000 followed by weekly repayments for twelve (12) to twenty-four (24) months.

With transport being a critical link in economic productivity, especially for delivery riders, small traders, and commuters, this initiative will enable more people to own electric bikes without the burden of upfront costs.

This strategic partnership aligns with the strategic objective of reducing carbon emissions, cutting fuel costs, and promoting a cleaner environment for the generations to come.

“Our partnership with Nova Microfinance is more than just about access to electric motorcycles- it’s about unlocking financial inclusion for every Ugandan who wants to ride into a cleaner, more profitable future. Together, we’re accelerating the shift from fuel dependency to smart, sustainable mobility,” Bruce Mucunguzi, Country Head, Spiro Uganda, stated.

NOVA is not only financing e-mobility but is involved in other green financing initiatives, such as clean energy, sustainable farming that includes the use of solar irrigation, pumps, among others.

Currently, electric motorbikes make up about 10% of the Boda-boda fleet in Kampala. However, compared to neighbouring East African countries like Kenya, where electric motorbikes account for around 15%, Uganda still has room to grow.

Across Africa, several nations are spearheading efforts to boost electric vehicle and motorbike adoption through strategic incentives. Uganda, Egypt, and Kenya have implemented tax breaks, discounts, and import duty reductions to encourage the transition to e-mobility.