Bolt, the popular ride-hailing company, is making strides in the electric vehicle market in West Africa by introducing electric tricycles in Lagos. In collaboration with SGX Mobility, a Lagos-based electric mobility firm, Bolt will deploy 25 electric tricycles starting in May.
This expansion builds on Bolt’s existing tricycle operations in Nigeria, where it already offers keke rides in cities like Jos and Uyo. However, this marks the company’s first foray into electric tricycles in the country. Riders in Lagos can now choose electric tricycles as a ride option through the Bolt app.
Each electric tricycle comes with a price tag of ₦3.2 million ($1,996), with drivers required to make an initial down payment of ₦208,000 ($130) and repay the remaining balance over 18 to 24 months. Lease options include weekly payments of ₦32,000 ($20) or monthly payments of ₦156,000 ($97). Daily battery swaps, costing around ₦6,500 ($4.06), are necessary and are approximately half the daily fuel expenses of a petrol-powered keke.
Caroline Wanjihla, Bolt Africa’s spokesperson, emphasized that this launch is not just about adding new vehicles but creating a broader ecosystem. The focus is on driver economics, as electric tricycles offer reduced operating costs. With Bolt’s lease model, drivers can own their vehicles within two years while enjoying immediate savings on fuel and maintenance.
Bolt is also introducing a lease-to-own financing model, which differs from those of competitors like Moove and LagRide. The company assures lower upfront costs, fixed weekly payments, and a reduced commission rate of 15%, compared to the standard 25% charged on vehicles.
According to Ayo Mustapha, Corporate Finance Manager at SGX, the electric tricycles can reach top speeds of 80 km/h and operate for up to 12 hours on a full charge. Utilizing a battery swap model, drivers can quickly replace batteries at a designated swap station in Eagle Square, Surulere, reducing downtime and ensuring consistent daily earnings.
Bolt’s introduction of EV tricycles comes at a time when local cycle operators are exploring alternatives to petrol-powered tricycles due to rising fuel costs. While some have shifted to compressed natural gas (CNG), challenges like limited refueling infrastructure and high conversion costs remain. Bolt’s electric initiative offers zero emissions and the potential for vehicle ownership.
In the short term, Bolt will assess driver and passenger responses to the electric tricycles. If demand is lower than expected, the company is prepared to adjust lease terms, reallocate vehicles, or scale back growth. However, if the rollout is successful, Bolt plans to expand the model to more Nigerian cities and eventually to other African countries like Ghana, Uganda, Tanzania, and Tunisia.
Bolt is confident that Lagos, despite its notorious traffic, is ready for electric vehicles given the right economics and infrastructure. The company is committed to delivering on both fronts and leading the way in sustainable transportation solutions.
