By Adetayo Bamiduro
Electric vehicles (EVs) are central to the world’s climate and economic goals. But despite the momentum, one truth is becoming increasingly clear: EVs won’t scale—at least not equitably—unless we fix how they’re financed.
In high-income countries, EV adoption is cushioned by consumer subsidies, tax credits, and low-interest loans. In emerging markets—where the majority of the world’s population lives—these conditions are rare. The result? Millions are left out of the transition to clean mobility, not because of demand, but because of access.
At MAX, we saw this problem not as a constraint—but as a design challenge. So, we built a financing model that works for the realities of African economies. One that empowers gig workers, small-scale entrepreneurs, and rural operators to not just ride EVs—but own their futures.
The Financing Gap Blocking Global EV Growth
The global narrative around EVs often focuses on technology: battery range, charging infrastructure, vehicle cost. But beneath the surface, the single greatest barrier to adoption in emerging markets is financial access.
In countries like Nigeria, Ghana, Cameroon or Sierra Leone, the average transport worker cannot afford to pay upfront for a new EV—no matter how efficient or sustainable it is. Commercial lending rates can exceed 25%. Few have bank accounts, let alone credit scores. For them, clean mobility isn’t a future—it’s an unaffordable dream.
Yet these same individuals are responsible for moving people, goods, and economies every day. They are the drivers of Africa’s informal mobility sector, and they represent one of the biggest missed opportunities in climate-smart infrastructure.
MAX’s subscription model: Financing built for real lives
To close this gap, we designed a system that reimagines EV ownership:
- Zero or low upfront cost
- Income-aligned repayments:
- Bundled services
- Tech-enabled credit
This model doesn’t rely on traditional collateral or perfect financial histories. It’s built for resilience, scale, and inclusion. We’re enabling a smarter path to EV adoption for Africa’s hardest-working riders and redefining what’s possible for commercial mobility in Africa.
The results: Cleaner, fairer, faster growth
To date, our financing model has:
- Created over 55,000 direct jobs
- Enabled thousands of riders—many previously unbanked—to generate sustainable income
- Delivered up to 60% higher net earnings for EV riders compared to their petrol counterparts
- Avoided over 8,874 tonnes of CO₂e in greenhouse gas emissions through EV deployments
These aren’t just statistics. They represent real lives improved—and a real pathway to decarbonization in regions often excluded from climate finance flows.
Why traditional EV financing doesn’t work—and ours does
Most EV financing frameworks assume an environment of financial stability and institutional maturity. That doesn’t reflect the reality for billions of people.
Our approach works because it prioritizes:
- Affordability: Access shouldn’t be limited to the wealthy.
- Flexibility: Payments must reflect the driver’s realities.
- Simplicity: Riders want solutions, not friction.
- Trust built on data: Bridge financial gaps using behavioral insights—not bureaucracy.
By embedding finance into the core of the mobility experience, we’ve removed one of the biggest barriers to scale.
A global opportunity, led by the Global South
What we’ve learned in Africa applies far beyond it. In Latin America, Southeast Asia, and underserved U.S. cities, similar dynamics exist: informal workforces, underbanked populations, high mobility demand, and climate vulnerability.
We believe Africa is not just catching up—it’s leading. The financing model we’ve built at MAX is not only viable, but exportable. It demonstrates that innovation can—and must—start from the margins, not just the centers of capital.
Scaling the model: What’s needed now
To bring this vision to scale, we call on:
- Governments to introduce policies that make EV imports and financing easier, cheaper, and faster
- Development Finance Institutions to back locally driven models with catalytic capital
- Investors to expand their definition of risk and back inclusive innovation with long-term vision
- Ecosystem partners—from OEMs to telecoms—to collaborate in delivering last-mile, locally relevant solutions
No single player can solve this alone. But together, we can unlock a transformation that’s both climate-resilient and socially inclusive.
Conclusion: Finance is the fuel for a just EV transition
If we don’t solve financing, EVs will remain a luxury—green badges for the privileged few. But when financing is smart, inclusive, and embedded in real-world use, EVs become engines of opportunity, growth, and resilience.
At MAX, we’re not just deploying electric vehicles. We’re building a mobility system where climate innovation meets human inclusion—where clean transport doesn’t just move people, but transforms lives.
We’ve proven that the right financing model can unlock the future—not someday, but today.
Now the road is clear. The question isn’t if this can scale—it’s who’s bold enough to help drive it forward.
