Ride-hailing giant, Bolt, is rolling out electric tricycles in Lagos as it pushes to expand its electric vehicle (EV) footprint across West Africa. Starting in May, the company will deploy 25 tricycles developed in partnership with SGX Mobility, a Lagos-based electric mobility company.

The launch builds on Bolt?s existing tricycle business in Nigeria, where it already offers Keke rides in cities like Jos and Uyo. But this is its first electric version in the country. Riders in Lagos can now choose electric tricycles as a ride option directly in the Bolt app.

Each electric tricycle will cost N3.2 million ($1,996), with drivers required to make a N208,000 ($130) down payment and spread the rest over 18 to 24 months. Lease payments come in at N32,000 ($20) weekly or N156,000 ($97) monthly. Daily battery swaps cost around N6,500 ($4.06)?roughly half the daily fuel cost of a petrol-powered Keke.

?This launch is about building an ecosystem, not just introducing vehicles,? Caroline Wanjihla, Bolt Africa?s spokesperson, told TechCabal at the launch event on Wednesday. ?We?re betting on driver economics. EV tricycles have lower running costs. And with our lease model, drivers can own their vehicles in two years, while saving on fuel and maintenance from day one.?

Bolt is also operating a lease-to-own financing model that has recently come under scrutiny. Drivers on platforms like Moove and LagRide have long complained of inflexible repayment terms, mounting defaults, and vehicle repossessions. Many ended up working long hours just to break even. Bolt says its lease-to-own model is built differently with lower entry costs, predictable weekly payments, and a lower commission rate.

?With Lagride and Moove, we are looking at more expensive vehicles. The tricycles are much cheaper, and the payment is flexible. We are also tweaking the model to allow for 15% commission as opposed to 25% charged on vehicles,? Zankyang Duniya, Operations Manager at Bolt, said during the press briefing.

The tricycles can hit top speeds of 80km/h and run for up to 12 hours on a full charge, according to Ayo Mustapha, Corporate Finance Manager at SGX. The tricycles also operate on a battery swap model. Drivers will be able to quickly exchange batteries at a swap station located in Eagle Square, Surulere, a system designed to minimise downtime and make daily earnings more predictable.

Bolt EV tricycle launch also comes at a time when local cycle workers are exploring alternatives to gasoline-powered tricycles due to increased fuel prices. Some have turned to compressed natural gas (CNG), converting their vehicles to run on the cheaper fuel as a stopgap. But access to reliable refueling infrastructure remains patchy, and the cost of conversion is still a barrier for most low-income drivers. Bolt?s EV push now enters that same conversation, with the added promise of ownership and zero greenhouse gas emissions.

In the short term, Bolt is taking a cautious approach, watching how drivers and riders adapt to the new vehicles. If demand falls short, the company says it?s prepared to tweak the lease structure, redeploy assets, or slow down expansion. But if the rollout sticks, Bolt plans to extend the model to other Nigerian cities and into additional African markets, including Ghana, Uganda, Tanzania, and Tunisia.

The bet is that Lagos, for all its gridlock, is ready for electric vehicles if the economics and infrastructure are built right. Bolt thinks it can do both. (TechCabal)

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