The Rwanda Innovation Fund (RIF) will invest in green mobility solutions offered by Nigeria-based start-up Metro Africa Xpress (MAX.ng). This new alliance between the two partners will allow Rwanda to consolidate its vision of electric mobility in East Africa.
The Rwanda Innovation Fund (RIF) is investing in Metro Africa Xpress (MAX.ng), a Lagos, Nigeria-based platform that connects individuals with motorcycle cab drivers in Africa. Managed by Angaza Capital, the RIF invests in companies committed to sustainable development on the continent through their smart and sustainable technologies, like MAX.ng.
According to Angaza Capital President Angela Homsi, “MAX facilitates a transition to electric vehicles through charging stations and battery swapping stations. Drivers on this platform have access to zero-emission electric vehicles through affordable payment methods.”
According to start-up Max.ng, founded in 2015, 14 million commercial drivers in Africa are underserved, excluded from financial systems, and lack proper insurance, making travel unsafe and unreliable for 50% of passengers. “In addition to its societal impact, the industry strongly affects environmental issues, as the two- and three-wheelers used by commercial drivers are highly polluting and responsible for much of the continent’s growing greenhouse gas (GHG) emissions,” she explains.
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In 2019, the Nigerian start-up raised $7 million from Nairobi- and Lagos-based venture capital firm Novastar Ventures and Japanese motorcycle equipment manufacturer Yamaha Motor to commercialize its electric bikes in 10 West African countries, including Togo. Three years later, RIF’s investment in the start-up Max.ng, the value of which was not stated, will help expand e-mobility solutions in East Africa. And the sub-region is showing some dynamism in terms of green mobility. In Rwanda, for example, the government has set a target of reducing carbon dioxide (CO2) emissions by 38 percent by 2030. The contribution of the transport and logistics sectors is crucial.