Swap Launches Revolutionary Battery-Powered Vehicles in Nigeria, Offering Substantial Savings for Tricycle Riders

Swap Launches Revolutionary Battery-Powered Vehicles in Nigeria, Offering Substantial Savings for Tricycle Riders

Swap, a cutting-edge battery-as-a-service company, has officially launched in Nigeria, introducing a game-changing solution for tricycle riders, also known as “keke riders.”

By converting internal combustion engine (ICE) vehicles to electric vehicles (EVs), Swap helps riders save up to ₦100,000 per month without any upfront cost. This initiative not only eases the financial burden on drivers but also aligns with a broader goal of transforming transportation and mobility into a more sustainable industry. Recalled that Nigeria is currently undergoing a difficult regime where fuel scarcity and cost of living has become prevalent for citizens and this comes as a burden lessener for Keke riders in the country.

Seyi Oguntunde, CEO of Swap, explained that the company’s mission is to make electric power accessible and affordable for commercial vehicle owners in Nigeria and similar economies around the world. “We are focused on reducing capital investment for commercial vehicle owners while lowering their total business expenses,” Oguntunde noted.

He stress further saying;

“Our solutions are tailored for last-mile public transport, where we’ve seen significant reductions in operational costs due to our EV conversions.”

With Nigeria facing economic challenges due to inflation and the removal of fuel subsidies, the timing of Swap’s launch couldn’t be better. Tricycle drivers, who operate in the last-mile segment of transportation, are hit particularly hard by these financial pressures.

“The cost of fueling and engine maintenance has become a major concern for many drivers,” Oguntunde said while briefing. “However, with EVs, these costs are dramatically reduced.”

Swap’s unique business model allows drivers to transition from ICE to EVs with no upfront costs, making it easier for them to embrace the benefits of electric power. This approach significantly reduces running costs by eliminating engine maintenance and providing cheaper power compared to traditional fuel sources. Oguntunde highlighted that this method could reduce operating costs for users by 30-45%.

In addition to the economic benefits, Swap’s solution also has environmental advantages. With zero emissions and reduced carbon footprints, it aligns with global sustainability goals.

To support its operations, Swap has partnered with Stacs, a leading fintech company in Nigeria. This partnership allows Swap to operate cashless swap stations, providing credit products to drivers for battery swaps.

Timi Odusina, CEO of Stacs, expressed enthusiasm about the collaboration, emphasizing that it would improve financial flexibility and inclusion for more drivers across Nigeria and Africa.

“By integrating our credit products with Swap’s innovative solution, we are providing more drivers with the financial tools they need to thrive,” Odusina said.

Looking ahead, Swap plans to expand its swap stations across Nigeria and other parts of Africa, employing a franchising model to partner with interested operators and government agencies.

The company is also exploring collaborations with logistics companies for last-mile deliveries, with electric minibuses expected to be in commercial use by 2025.

Swap’s launch and its partnership with Stacs represent a significant step forward for both the transportation and fintech industries, offering innovative solutions that prioritize efficiency, affordability, and sustainability.

About Swap:

Swap is a battery-as-a-service company committed to transforming vehicle ownership in Africa. By offering cost-effective electric vehicle conversions, Swap provides drivers with a sustainable alternative to traditional internal combustion engines, paving the way for a more eco-friendly future in transportation.

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