In Uganda’s bustling cities, boda boda riders weave through traffic, the heartbeat of the nation’s informal economy. These motorcycle taxis are more than just a mode of transport—they’re a lifeline for millions. But with rising fuel costs and growing environmental concerns, the shift to electric vehicles (EVs) is gaining momentum.
At the forefront of this transformation is Mogo Uganda, the country’s leading electric vehicle financier, which has made remarkable strides in bridging the access gap to sustainable mobility.
By May 2025, just one year into its active push for electric bikes, Mogo had issued 1,500 electric vehicle loans, empowering riders and reshaping Uganda’s transport landscape.
Mogo Uganda, part of the global FinTech company Eleving Group, has carved out a niche by making electric motorcycles affordable for boda boda operators, who often face financial barriers.
Through strategic partnerships with electric vehicle manufacturers like Zembo, Spiro, and eBee, officials from Mogo say the company provides tailored financing that brings cutting-edge electric bikes—like the Zembo Thunder or Spiro Ekon —within reach.
"These partnerships are more than business deals; they’re a bridge to a cleaner, more inclusive future. Without Mogo’s innovative financing, this rapid progress in Uganda’s e-mobility ecosystem simply wouldn’t be possible," officials from the company say.
One of those who have joined the electric vehicle movement is Bashir Mutumba, a Kampala-based boda boda rider.
He says , before Mogo, he struggled with the high fuel and maintenance costs of his petrol-powered bike.
"After securing an electric bike loan with a modest shs600,000 down payment and weekly installments of shs77,000, Bashir now earns triple his previous income. The electric bike’s low running costs—about shs8,000 for 80 kilometers compared to shs10,000 for 70 kilometers on fuel—have transformed his livelihood," Mutumba says.
According to officials, Mogo’s financing model is designed with Uganda’s informal sector in mind. Loans are processed within 24 hours, and flexible credit reviews accommodate riders with varied financial backgrounds.
"To address theft concerns—a real worry for riders, Mogo equips bikes with GPS tracking, ensuring peace of mind while riders repay their loans over 18 to 30 months. This accessibility has fueled Mogo’s dominance as Uganda’s biggest EV financier enabling riders to travel over 2.5 million kilometers on clean energy," officials from the company say.
A key milestone in Mogo’s journey came in September 2024, when it secured a shs19 billion loan facility from Absa Bank Uganda.
This partnership has supercharged Mogo’s ability to scale EV financing, with an initial shs5 billion tranche already disbursed.
The funds target boda boda operators, aligning with Uganda’s goal to reduce the informal sector from 51% to 45% by 2025, as outlined by the World Bank.
By offering local currency loans, MOGO also shields riders from foreign exchange risks, making financing more predictable and sustainable.
Mogo’s impact goes beyond economics—it’s driving environmental change. Uganda’s transport sector accounts for roughly 50% of energy-related greenhouse gas emissions, according to the United Nations Environment Programme (UNEP). Electric bikes, with zero tailpipe emissions, are a game-changer.
Mogo’s financing supports UNEP’s Global Electric Mobility Programme, which backs Uganda’s e-mobility push.
By partnering with Zembo, Spiro, and eBee, Mogo ensures riders have access to reliable, locally suited electric bikes, reducing noise and air pollution in cities like Kampala.
Over the weekend, Mogo's leadership was on full display 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 underscored Mogo’s commitment to innovation and sustainability, rallying stakeholders to accelerate the shift to electric mobility.
Challenges
Despite the milestones achieved, there are still some challenges.
"Theft risks persist, even with GPS tracking, and riders must navigate loan repayments if bikes are stolen," officials say.
Charging infrastructure also needs expansion to support widespread EV adoption.