Afreximbank’s investment arm, the Fund for Export Development in Africa (FEDA), has committed $75mn to electric mobility company Spiro to expand electric motorcycle fleets and battery-swapping infrastructure across the continent, in a move the bank says will support the emergence of a regional automotive manufacturing base.

Spiro currently operates over 60,000 electric motorcycles and around 1,200 battery-swapping stations across Benin, Togo, Rwanda and Uganda, forming one of Africa’s largest e-mobility networks. The funding will be used to scale fleet deployment, expand swap-station coverage and localise assembly and servicing capacity.

FEDA said the investment aligns with Afreximbank’s broader industrial strategy to develop supply chains for vehicle components, charging infrastructure and energy storage technologies within Africa, rather than relying on imports of used internal-combustion motorcycles.

“With this partnership, the Bank is laying the groundwork for a new era of intra-African trade and industrialisation by stimulating local vehicle manufacturing, strengthening regional integration, and enhancing trade flows,” Afreximbank President and FEDA Board Chair George Elombi said in the bank’s announcement. He added that the initiative is expected to support technology transfer and job creation in host markets.

Spiro founder Gagan Gupta said the funding will accelerate expansion into mobility, energy storage and power distribution businesses, including integrating renewable energy into charging hubs to reduce operating costs and limit exposure to grid instability.

African governments are increasingly experimenting with incentives to shift commuter transport toward electric two-wheelers, citing lower operating costs and reduced emissions. Rwanda has cut import duties on e-mobility components, Kenya has introduced tariff adjustments for charging infrastructure, and Nigeria is drafting a national EV policy.

Scaling e-mobility adoption will depend on developing domestic manufacturing capabilities, affordable financing for riders, stabilising power supply to swap stations and reducing dependence on imported components from Asia.