The two entities signed a Memorandum of Understanding (MoU) aimed at providing financial solutions that will enhance access to electric mobility while promoting climate-smart technologies.

The partnership aligns with Rwanda’s broader sustainability agenda, which prioritizes clean energy and environmental conservation. By supporting businesses and individuals in adopting electric mobility, the collaboration is expected to drive financial inclusion while significantly reducing carbon emissions in the transport sector.

Hannington Namara, CEO of Equity Bank Rwanda, emphasized that the bank is committed to fostering financial solutions that encourage sustainable development.

“We found SPIRO relevant to partner with because we do a lot of work with the community that we serve on this journey of sustainability, where adopting green technologies becomes very important. They are the suppliers of these products, and we’re interested in financing those products so that we can serve our end users, who are the communities,” he said.

Namara highlighted the key benefits of the partnership, which include green investment financing, financial inclusion for marginalized groups, climate risk insurance, and technical training programs. He also noted that customers will gain access to top-tier, effective electric mobility technologies that help reduce operational costs.

Equity Bank Rwanda has entered into a strategic partnership with Africa Green Mobility Solutions Rwanda Limited (SPIRO) to accelerate Rwanda’s shift toward e-mobility and green investments.

“The two of us tick the box of sustainability, going green, and protecting the environment. By deploying climate-smart technologies, we aim to provide our customers with state-of-the-art solutions in their mobility work,” he added.

“E-mobility saves at least $1 per kilometer. We believe in technology that allows them to do this cost-effectively, helping them save money while contributing to Rwanda’s sustainability journey. This aligns with our mission and vision.”

Namara further explained that SPIRO’s technology platform collects geographical data, allowing for insights into community needs and the impact of innovative solutions. This data-driven approach will help refine e-mobility services and optimize their benefits for end users.

Kaushik Burman, CEO of SPIRO, underscored the importance of strong partnerships in achieving sustainable mobility goals. “E-mobility transformation requires strong partnerships. We are excited to work with Equity Bank to scale electric mobility in Rwanda,” he stated.

“The government has been very progressive in terms of making policies that favor electric mobility adoption. This transformation journey cannot be done by one entity alone, it requires a coalition of partners, each bringing a unique strength to achieve the goal of deploying more e-bikes,” he added.

Burman also noted that SPIRO is making significant investments in Rwanda to enhance its e-mobility infrastructure.

Kaushik Burman, Spiro’s Chief Executive Officer and CEO of Equity Bank Rwanda, Hannington Namara at the event.

“Spiro will continue investing heavily in Rwanda by bringing manufacturing capabilities for electric motorbike batteries, training staff, upskilling people, and creating the infrastructure, including automated swapping stations across the country,” he noted.

Since its launch in 2023, SPIRO has deployed approximately 2,000 electric vehicles and e-bikes in Rwanda. The company continues to raise awareness about the benefits of electric mobility and its role in reducing carbon footprints.

This partnership between Equity Bank and SPIRO is a major step toward making e-mobility more accessible and financially viable. By integrating financial solutions with sustainable transportation, the initiative will play a crucial role in Rwanda’s transition to a greener and more resilient economy.

Kaushik Burman, Spiro’s Chief Executive Officer and CEO of Equity Bank Rwanda, Hannington Namara after the signing of the MoU.