Mogo Kenya finances first 1000 EVs

• Mogo, which was incorporated in Kenya in 2012, has a presence in eight counties. Its main products are car financing, logbook loans and loans for two- and three-wheeler operators.   

• The company received $10 million in debt financing from the US International Development Finance Corporation (DFC) in May 2024, which it aims to deploy to finance 10,000 e-bikes in two years.

• Our take: Targeting the rural market is the new frontier in e-bike financing... Read more (2 min)

Can EVs save SA's auto industry?

• The automotive sector plays a big role in South Africa's economy. In 2023, the export of vehicles and automotive components reached a record amount of $15 million, equating to 14.7% of South Africa's total exports.    

• South Africa's auto industry could lose 50% of its export markets in the long term if it continued manufacturing fuel vehicles and components exclusively.

• Our take: South Africa needs to switch to EV manufacturing for the continued success of its auto industry... Read more (2 min)

We profile November’s EV fundraisers

• Six gentlemen were able to raise funds. However, five of them came from the same region. This contrasts with October’s analysis, where the founders came from different regions across Africa.

• Cultural clustering was also evident in their educational background since 83% of them studied in neighbouring universities.

• Our take: Venture capitalists are keen on the founder's experience and the business model... Read more (2 min)

• Impact of e-motorcycles in East Africa: James Obarowski, CEO of Zembo, and Dennis Keya, Regional Manager at EDF East Africa, recently engaged in a discussion at the Inspire & Connect East Africa Forum. Obarowski discussed the affordability of electric motorcycles compared to fuel-powered ones, while Keya discussed the challenges of electricity access and the importance of renewable energy sources. Both agreed on the positive impact of electric mobility on the economy, reducing foreign exchange expenditure and creating local jobs. (Bpifrance)

• Spotlight on Spiro’s CEO take on e-mobility: Kaushik Burman, CEO of Spiro, highlighted Africa’s immense e-mobility potential, noting that the continent has a significantly lower two-wheeler stock of 20 million compared to India’s 250–300 million. Spiro has been addressing infrastructure challenges with a robust battery-swapping network while advocating for complementary fast-charging solutions. Burman envisions phased growth, beginning with two-wheelers and expanding to public transport, driven by strategic investments and government mandates like Rwanda’s 2025 ban on fuel-powered motorcycles. (EVreporter)

• Beefing security of EV chargers with AI: As Nigeria increases its charging infrastructure, there exists a security gap to protect EV chargers from theft and vandalism. To address these risks, operators are increasingly adopting AI-enabled smart video systems, which can monitor activity, detect threats, and reduce false alarms. However, this system requires robust data storage infrastructure to handle the vast amounts of high-resolution footage generated by these smart video systems. (Vanguard) 

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