Equity Bank, Spiro join forces to drive e-mobility, climate resilience

Equity Bank Rwanda has signed a Memorandum of Understanding (MoU) with Africa Green Mobility Solutions Rwanda Limited (SPIRO), a leading Pan-African electric vehicle company. The partnership aims to drive sustainable development through innovative financial solutions that promote e-mobility and green investments. The collaboration is part of Equity Bank Rwanda’s commitment to supporting the country’s “go green” and climate adaptation strategies. By facilitating access to renewable energy solutions and climate-smart financing, the initiative is expected to accelerate Rwanda’s transition to a green economy. ALSO READ: Equity Bank Rwanda launches ‘green loan’ scheme The CEO of Equity Bank Rwanda, Hannington Namara, explained that through the MoU, customers will have access to tailored financial products that support the adoption of sustainable technologies, including electric vehicles and renewable energy solutions. Key benefits will include green investment financing, financial inclusion for marginalised groups, climate risk insurance, and financial literacy and technical training programmes that will empower businesses and individuals. “We found them relevant to partner with because we do a lot of work with the community that we serve on this journey of sustainability where adopting green technologies becomes very important. They are the suppliers of these products and we’re interested in financing those products so that we can serve our end users who are communities,” he noted. “The two of us tick the box of sustainability and going green and protecting the environment and dealing with the climate-smart risks by deploying climate-smart technologies. Customers will be getting state-of-the-art, best, and effective technologies in their mobility work,” he added. As noted, e-mobility saves at least $1 per kilometre. “We believe in technology that allows them to do that cost-effectively and save money, contributing to Rwanda’s sustainability journey, and we find that aligns with our mission and vision,” he said. Namara explained that their counterpart has a platform that collects geographical data, enabling them to assess needs, gather insights from the people they meet, and monitor the impact of tech solutions to drive further innovation. ALSO READ: Spiro reaches 1 million battery swaps with its electric two-wheelers in Africa Kaushik Burman, Spiro’s CEO, noted that by joining forces, the two companies will leverage their expertise to create innovative financing models that align with Rwanda’s national climate resilience, gender equality, circularity, reducing carbon footprint in the transportation sector and more importantly, the UN’s Sustainable Development Goals (SDGs). “The government has been very progressive in terms of making policies that favour electric mobility adoption. E-mobility transformation journey cannot be done by one entity. It’s always a coalition of partners who bring a unique strength to achieve these goals of getting e-bikes. We’re very excited to partner with Equity Bank in achieving these goals,” he said. “Spiro will continue investing heavily in Rwanda in bringing manufacturing and capabilities of electric motorbike batteries, training the staff, up-skilling people, and essentially creating the infrastructure, including automated swapping stations across the country,” he added. Since its inception in 2023, the company has so far deployed around 2,000 electric vehicles (EVs) and e-bikes across the country, showcasing Spiro’s cutting-edge electric bikes and raising awareness about the benefits of electric mobility and its role in combating climate change.

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Equity Bank, Spiro join forces to drive e-mobility, climate resilience