• FEDA injects $75 million into Spiro, Africa’s largest electric two-wheeler company, to fund expansion and battery infrastructure.
• Spiro targets 100,000 e-bikes by end-2025, up from 60,000 today across seven countries.
• Afreximbank aims to drive local production and technology transfer through this investment.

The Fund for Export Development in Africa (FEDA), the impact investment arm of the African Export-Import Bank (Afreximbank), has committed $75 million to Spiro, a startup manufacturing and operating electric two-wheelers across Africa.

The funding will enable Spiro to scale operations, expand its network of battery-swapping stations, and enhance its digital platform, the company said in a statement on Tuesday.

“Spiro’s rapid expansion across new markets shows Africa’s growing appetite for clean, affordable and efficient transport,” said Gagan Gupta, Spiro’s founder. “By strengthening our battery-swap infrastructure and integrating renewables, we’re building a scalable and sustainable model for the continent’s mobility future,” he added.

Spiro currently operates a fleet of over 60,000 electric motorcycles and 1,200 battery-swap stations across Benin, Togo, Kenya, Rwanda, Uganda, Nigeria, and Cameroon, making it the continent’s largest e-mobility operator. The company aims to surpass 100,000 vehicles by the end of 2025.

For FEDA and Afreximbank, the deal aligns with a broader agenda to stimulate local vehicle manufacturing, boost regional integration, and reduce Africa’s dependence on used car imports.

“This partnership lays the groundwork for a new era of intra-African trade and industrialization,” said Dr. George Elombi, chairman of Afreximbank and FEDA. “It supports local production, skill transfer, job creation, and a shift away from imported used vehicles,” he noted.

The investment follows a wave of policy incentives across several African nations to promote electric vehicle adoption. Governments are cutting import duties, offering tax breaks, and introducing emission regulations to curb fossil fuel use and urban pollution.

According to the International Energy Agency’s 2025 Global EV Outlook, electric vehicle sales in Africa more than doubled in 2024 to around 11,000 units. Though still small compared with 17 million global sales, the growth reflects a steady rise in sustainable mobility awareness across the continent.

This article was initially published in French by Sandrine Gaingne

Adapted in English by Ange Jason Quenum