Kenya's M-KOPA Signs Supply Agreement With Electric Vehicle Firm, Roam
Kenya’s fintech and asset financing firm, M-KOPA, has just signed a supply agreement deal with Roam, a Kenyan-based electric vehicle company to enable M-KOPA customers to access electric motorbikes through an affordable payment plan.
A few weeks ago, Roam announced that its electric motorbike was now available in the market, at the price of One Hundred and Eighty Thousand Kenyan Shillings (KES 180,000).
Roam Air was founded in 2017 as an electric mobility company, it is focused on all-electric conversion kits for fleet vehicles such as light trucks, public transport and buses, as well as electric motorcycles and energy systems.
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The supply agreement with M-KOPA is determined to help Roam achieve a large market supply of its product across the nation as buyers do not have to buy the motorbikes outrightly but can access the motorbikes without hindrance and pay back comfortably.
As revealed by sources, the fleets of motorbikes will arrive by the end of the year, just in time for mass deployment next year (2023).
According to Roam’s statement, “This will enable customers to lower their operational costs by over 70%, which results in increased daily income by 50%, a boost that can fundamentally change the livelihoods of the drivers.”
Roam adds that it will deliver the fleet by the end of 2022 in time for mass deployment in early 2023.
M-KOPA is one of the leading asset financing fintech in Kenya, known to offer its customers access to assets on loans without collateral, which they will pay for through a convenient payment plan.
Giving insight into the partnership, David Damberger, Managing Director, M-KOPA Mobility and M-KOPA Lab stated, “The partnership with Roam aligns us with a major player equally committed to Africa’s sustainable development and sees us expand our product offerings to include electric motorcycles, which is a true testament to the versatility of our fintech platform. At M-KOPA, we’re committed to lowering the barriers to entry and making everyday essentials accessible, especially to underbanked customers, through flexible payment plans. This rollout will have a transformative effect on the daily incomes of businesspeople and reduce the environmental footprint of commerce, as it continues to grow in rapidly developing markets.”
Mikael Gånge, Co-Founder and Chief Commercial Officer, Roam also stated, “This agreement is an incredible trigger for electric motorcycle adoption in emerging markets and validates our vision of releasing a locally designed product that exceeds the experience of traditional fossil fuel motorcycles for a similar price. We want to provide a compelling environmental and economic solution for markets that haven’t been part of the electric vehicle transition yet. We believe the motorcycle taxi industry is one of the most impactful areas to start, given the growing market size and importance for low-income earners not only in Africa but globally. Our partnership with M-KOPA will drive us both towards our shared vision of cleaner mobility.”