While Bolt already operates traditional tricycle services—locally known as "keke"—in Nigerian cities such as Jos and Uyo, this initiative marks its first move into electric tricycle transport in the country. Lagos commuters will soon be able to choose these eco-friendly vehicles directly through the Bolt app, offering a greener alternative for urban mobility.
Each electric tricycle comes with a price tag of ₦3.2 million ($1,996). Bolt is implementing a lease-to-own model for drivers, requiring an initial down payment of ₦208,000 ($130), with the remaining balance payable over a period of 18 to 24 months. The lease payments are structured at ₦32,000 ($20) weekly or ₦156,000 ($97) monthly. A key feature of this electric fleet is the battery swap system, with daily swaps costing approximately ₦6,500 ($4.06) – significantly less than the estimated daily fuel expenditure for a traditional petrol-powered tricycle.
Speaking at the launch event on Wednesday, Caroline Wanjihla, Bolt Africa’s spokesperson, emphasized the broader vision behind this initiative. “This launch is about building an ecosystem, not just introducing vehicles,” she told TechCabal. “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's adoption of a lease-to-own financing model comes at a time when such schemes have faced scrutiny in the ride-hailing sector. Drivers on platforms like Moove and LagRide have previously voiced concerns regarding rigid repayment schedules, increasing default rates, and the risk of vehicle repossession, often leading to excessively long working hours. Bolt asserts that its lease-to-own model is structured differently, offering lower initial costs, predictable weekly payments, and a reduced commission rate for drivers.
Zankyang Duniya, Operations Manager at Bolt, elaborated on these differences during the press briefing. “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 a 15% commission as opposed to the 25% charged on vehicles,” Duniya explained.
According to Ayo Mustapha, Corporate Finance Manager at SGX, the electric tricycles boast a top speed of 80km/h and can operate for up to 12 hours on a single charge. To minimize downtime and enhance earning predictability for drivers, the tricycles utilize a battery swap model. Drivers will have access to a conveniently located battery swap station in Eagle Square, Surulere, where they can quickly exchange depleted batteries for fully charged ones.
Bolt's move towards electric tricycles in Lagos also aligns with a growing interest among local tricycle operators in exploring alternatives to gasoline-powered vehicles due to escalating fuel costs. While some have turned to compressed natural gas (CNG) as a more affordable option, the limited refueling infrastructure and the initial conversion expenses remain significant hurdles for many low-income drivers. Bolt's electric vehicle push enters this landscape with the added incentives of potential ownership and the benefit of zero greenhouse gas emissions.
In the immediate future, Bolt is adopting a measured approach, closely monitoring the adoption rates among both drivers and riders. The company has stated its readiness to adjust the lease terms, redeploy assets, or moderate its expansion plans if demand falls short of expectations. However, if the initial rollout proves successful, Bolt intends to extend this electric tricycle model to other cities in Nigeria and potentially to additional African markets, including Ghana, Uganda, Tanzania, and Tunisia.
Despite Lagos's notorious traffic congestion, Bolt's strategic bet is that the city is ripe for electric vehicles, provided the economic model and supporting infrastructure are effectively established. The company believes it is well-positioned to deliver on both fronts, potentially ushering in a new era of sustainable transportation within the megacity.