What’s Happening?
Bolt, the leading ride-hailing platform in Africa, has launched its first fleet of electric tricycles in Lagos, signaling a major step in its push for sustainable urban mobility across West Africa. Starting in May, 25 electric tricycles-developed in partnership with Lagos-based SGX Mobility-will be available for booking directly within the Bolt app. This marks Bolt’s debut for electric tricycles in Nigeria, expanding on its existing keke services in cities like Jos and Uyo
The rollout aims to empower drivers with lower running costs and a clear path to ownership. Each tricycle is priced at ₦3.2 million (about $1,996), with drivers paying just ₦208,000 ($130) upfront and spreading the rest over 18 to 24 months. Flexible payment options include ₦32,000 ($20) weekly or ₦156,000 ($97) monthly. Daily battery swaps, essential for operation, cost around ₦6,500 ($4.06)-about half the daily fuel expense of petrol-powered alternatives
“This launch is about building an ecosystem, not just introducing vehicles,” said Caroline Wanjihla, Bolt Africa’s spokesperson. “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 vs. Traditional Lease-to-Own Models
Bolt’s lease-to-own financing model aims to address challenges faced by drivers in similar schemes. Platforms like Moove and LagRide have been criticized for inflexible repayment terms, leading to mounting defaults and vehicle repossessions. Bolt differentiates its model with lower entry costs, predictable weekly payments, and a reduced 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 as reported by TechCabal
The tricycles can reach top speeds of 80 km/h and operate for up to 12 hours on a full charge. They utilize a battery swap model, with swap stations located in areas like Eagle Square, Surulere, to minimize downtime and ensure predictable daily earnings for drivers.
What This Means for You
For drivers, Bolt’s electric tricycles are a more affordable alternative to petrol vehicles, with lower running costs and a flexible lease-to-own plan that lets drivers own their tricycles after two years. The reduced commission rate means drivers can keep more of their earnings and enjoy greater financial stability
For riders, these electric tricycles offer a greener, more accessible way to get around Lagos, helping cut emissions and support cleaner urban transport
