Financing for Africa’s electric mobility sector is accelerating as confidence grows in battery-swapping, fast-charging and other EV technologies. Spiro, the continent’s largest e-mobility operator, has secured $50 million in debt funding from the African Export-Import Bank (Afreximbank), climate-fintech platform Nithio, and the Africa Go Green Fund to expand its battery-swap infrastructure across multiple markets.
The funding follows a strong week for the sector. Arc Ride recently received a $5 million equity investment from the International Finance Corp. (IFC), while Uganda’s Gogo Electric raised $1 million from the EU-supported ElectriFi program — signals of rising institutional confidence in Africa’s clean transportation ecosystem.
Spiro will use the new capital to extend swapping stations into new and existing countries and advance technologies such as automated swapping, fast charging, and renewable-energy integration. The company currently operates in Kenya, Uganda, Rwanda, Nigeria, Benin and Togo, with trials in Cameroon and Tanzania. Its network includes more than 80,000 e-motorcycles, 300,000+ circulating batteries, over 30 million completed swaps, and more than 2,500 swap stations. Riders have covered more than 1 billion emission-free kilometers.
Leaders from Nithio, Africa Go Green Fund and Afreximbank emphasized that e-mobility is becoming a core pillar of Africa’s clean energy transition and a pathway to industrialization. Since 2022, Spiro has raised over $230 million, supporting new production and assembly capacity across four African countries and reflecting broader momentum in climate-aligned investment.
