The investment deal was signed during the visit of Mr Curt Fintel, the Principal of VARIANT Investments in Kigali, in early December 2022. The investment was secured with support from Jali Finance’s local financial advisors.
Jali Finance Ltd, is a financial institution that has been operating for over 5 years with a focus on motorcycle leasing. Since its founding in 2017, it has made it a mission to promote job creation using an innovative credit approach.
Through leasing motorcycles, Jali Finance has created over 700 jobs and indirectly impacted over 3,500 lives in various communities in Rwanda.
The firm ensured that its job creation efforts are aligned with environment protection and advancement of locally made products, hence building a growth strategy around promoting electric mobility (e-mobility) and sourcing local and African motorcycle suppliers for partnerships.
It is in this line, therefore; that Jali Finance received the investment to boost the electric-mobility sector in the course of reducing the Greenhouse Gas (GHG) emissions in Rwanda. In addition to reducing the GHG emissions, the investment will be meant to create more jobs as over 2,000 electric bikes are expected to be leased to youth male and females before the end of 2023 while and indirectly impacting over 10,000 lives in various communities in Rwanda. The firm will help the country avoid 50,000 tons of CO2 emission.
According to the Chief Executive Officer of JaliFinance, Mr Felix Nkundimana, e-bike users have testified extended advantages because the bikes help them to save significantly: i.e., for an amount of Rwf1,390 spent on a battery swap, an e-bike will travel 71 km as opposed to just 37 km that the fuel-based motorcycle will travel if an equal amount is spent on fuel. E-bikes also help drivers save at least 25% without counting about $200 per year spent on oil change.
Oscar, one of Jali’s early e-bike customers, speaks of what made him shift from a fuel-based motorcycle to an e-bike. “A fuel-based motorcycle has numerous expenses tied to it. In addition to buying fuel, I had other regular expenses such as a weekly oil change and other service-related expenses. Ever since I shifted to an e-bike, I’ve noticed a significant increase in my savings. For instance, I manage to pay my children’s school fees on time, I save regularly in my savings group, and I gave my wife startup capital to launch her small business, which means that we now have more than one source of income at home”.