Case Study
Green-for-Access First Loss Facility (G4A)
Unlocking Electric Mobility: Financing Kenya’s First Wave of EV Taxi Drivers
Published
April 3, 2026
Countries
- Kenya
Partners
- MojaEV Africa
Unlocking Electric Mobility: Financing Kenya’s First Wave of EV Taxi Drivers
Reducing barriers to entry and improving the economics of clean transport for Nairobi’s drivers.
Background
In Nairobi, taxi drivers operate in a highly cost-sensitive environment, where daily earnings are closely tied to fuel prices, vehicle access, and financing terms.
While electric vehicles (EVs) offer lower operating costs over time, most drivers are unable to transition due to three persistent barriers:
- High upfront down payments
- Limited access to formal credit
- Lease structures that do not align with daily cash flows
As a result, drivers remain reliant on internal combustion engine vehicles, with high and unpredictable fuel costs that constrain earnings and limit upward mobility.
The Intervention
In June 2025, GreenMax Capital Group partnered with MojaEV Africa to pilot a new financing model through the Green-for-Access (G4A) First Loss Facility, supported by the IKEA Foundation and CLASP.
Through this structure:
- A $150,000 subordinated loan from G4A covered 20% of the cost of 20 Neta EVs
- MojaEV financed the remaining 80%
The first-loss feature enabled MojaEV to extend leases to drivers who would typically be excluded from financing. Under this model:
- Upfront down payments were eliminated and amortized over time
- Daily lease payments were reduced
- Drivers gained access to a lease-to-own pathway
Following the June 2025 launch and initial vehicle rollout, the facility has since financed 2019 drivers, who are now operating EVs under the program.
Impact on the Ground
The pilot remains small by design, but early results point to a shift in how drivers manage both costs and earnings.
Improved Daily Economics
EVs reduce operating costs by replacing fuel expenses with lower electricity costs and reducing maintenance needs. Combined with a restructured lease model, this allows drivers to retain a greater share of daily income and operate with more predictable margins.
More Manageable Cash Flow
With lower and more stable operating costs, drivers are better positioned to meet daily repayment obligations. This improves repayment consistency and reduces exposure to fuel price volatility.
Pathway to Ownership
Unlike traditional taxi arrangements where drivers often remain in rental cycles, the lease-to-own model enables drivers to acquire a productive asset over time.
Early Signals for Scale
While still at pilot stage, the program provides an early indication that drivers previously excluded from formal finance can successfully participate in structured leasing models—an important step toward broader engagement with local financial institutions.
Why It Matters
This pilot demonstrates how targeted first-loss capital can address key barriers to EV adoption at the driver level.
By reducing upfront costs and improving repayment structures, the G4A facility helps align vehicle financing with the realities of daily-income earners. In doing so, it begins to establish a pathway for scaling EV financing beyond pilot programs—potentially involving local banks and larger fleets over time.
The model also connects to GreenMax’s broader efforts to support e-mobility ecosystems, including future trade finance solutions through GreenShift Africa.