G4A Unveils Groundbreaking Financing Product for E-Mobility in Kenya through Partnership with Fortune Credit and eWAKA
Nairobi, Kenya – June 5, 2024 – GreenMax Capital Group’s innovative blended finance vehicle, the Green-for-Access First Loss Facility (G4A), is leading the charge towards sustainable mobility in Kenya through a groundbreaking partnership with Fortune Credit, a leading microfinance institution, and eWAKA, an electric mobility provider.
This collaboration marks the pilot of G4A’s financial product designed specifically for e-mobility, empowering riders on the eWAKA platform to achieve ownership of the Shujaa 2.0 electric bike at an affordable daily cost of just KES 396.
G4A plays a crucial role in this partnership by not only mitigating risk but also providing liquidity for Fortune Credit through its Cash Deposit Fund (CDF). This innovative mechanism allows Fortune Credit to offer the e-mobility loan product with greater confidence, expanding access to financing for aspiring eWAKA riders.
“G4A is committed to unlocking end-user financing to catalyse the adoption of climate smart technologies in Africa,” explains David Ekabouma, Managing Director for G4A. “Our partnership with Fortune Credit and eWAKA demonstrates the power of collaboration to promote sustainable transportation and empower local communities. This partnership is further strengthened by the support of CLASP and the IKEA Foundation, whose seed capital contribution helped launch the G4A facility.”
The new financing product addresses a significant challenge faced by Kenyan youth and women – the difficulty of obtaining asset financing due to limited credit history or collateral. Through this partnership, riders gain access to not only the electric bike but also comprehensive insurance and financial training.
“This partnership with GreenMax and Fortune Credit is a game-changer for aspiring e-mobility entrepreneurs,” said Janet Kuteli, Founder & CEO of Fortune Credit Limited. “We are excited about our partnership with G4A that in turn facilitates our collaboration with eWAKA, a leader in the e-mobility space. This tripartite collaboration enables us to connect riders to the market through efficient last-mile delivery. Through real-time scoring and digitization of the loan product, riders can access instant credit, fulfilling the essence of economic empowerment embedded in the financing model enabled by G4A.”
Celeste Tchetgen Vogel, CEO of eWAKA, shared similar sentiments, saying, “We’re thrilled with how the G4A platform has facilitated our partnership with Fortune Credit, a company that perfectly aligns with our vision and values. Together, we’re set to empower African youth and women, transforming their destinies through accessible electric mobility. This three-way partnership signifies more than just a collaboration; it marks a shared journey towards making a significant, positive impact on lives and livelihoods.”
This initiative aligns with Kenya’s commitment to a sustainable future. By promoting electric mobility, the collaboration contributes to reducing reliance on fossil fuels and fostering a cleaner transportation system.
About GreenMax Capital Group
GreenMax Capital Group is a leading impact investor and advisor dedicated to accelerating clean energy access in developing economies. Through innovative solutions like G4A, GreenMax empowers local financial institutions and unlocks financing for climate smart technologies. https://greenmaxcap.com/
Find more information on G4A here: https://greenmaxcap.com/service/green-for-access-first-loss-facility-g4a/
About Fortune Credit Limited
Fortune Credit Limited is a Kenyan microfinance institution focused on financial inclusion and economic empowerment. They provide a range of financial products and services designed to support the underserved population. https://fortunecredit.co.ke/
About eWAKA Mobility
eWAKA Mobility is a revolutionary electric mobility company offering last-mile delivery solutions for businesses and individuals. They are committed to providing accessible electric transportation options and promoting sustainable practices. https://www.ewaka.tech/