Ecowaka partners GreenMax Capital to expand financing access for electric Three-Wheelers in Nigeria

Ecowaka, a Nigerian electric mobility company focused on clean transport solutions, has entered into a partnership with GreenMax Capital Group to support expanded access to financing for electric three-wheelers (e-kekes) in Nigeria.

The collaboration aims to address one of the largest barriers to electric vehicle adoption across African markets: the high upfront cost of vehicle acquisition. Through the partnership, eligible drivers, fleet operators, cooperatives, and small businesses will be able to access financing options designed to reduce initial payment requirements and support repayment over time, according to a statement by the company.

The initiative is being supported through the Green-for-Access First Loss Facility (G4A), a blended finance platform managed by GreenMax Capital Group that helps unlock financing for distributed renewable energy and electric mobility technologies in emerging markets.

Ecowaka has successfully deployed 10 electric three-wheelers, marking a significant operational milestone in the company’s journey toward cleaner, more efficient urban mobility. This deployment, it said, represents the first phase of a carefully structured rollout strategy, as Ecowaka advances toward its target of 500 units before the close of the year.

Nigeria’s transport sector continues to face rising fuel costs, urban air pollution, and increasing demand for affordable mobility solutions. Electric three-wheelers offer a lower operating-cost alternative to conventional internal combustion vehicles, particularly for commercial transport operators.

“We are excited to work with GreenMax and G4A to help make electric mobility more financially accessible,” said Prince Ojeabulu, Founder and CEO of Ecowaka in the statement. “Access to financing remains one of the key barriers preventing many drivers and small operators from transitioning to electric vehicles. This partnership is designed to help reduce that barrier while supporting cleaner and more efficient transportation solutions.”

David Ekabouma, Chief Executive Officer of GreenMax Capital Group, in the statement, said the partnership reflects the growing importance of catalytic financing structures in scaling electric mobility across African markets.

“Access to affordable financing remains one of the largest constraints to e-mobility adoption,” said Ekabouma. “Through G4A, GreenMax is working with partners such as Ecowaka to help reduce financing risk and expand access to clean transportation technologies for underserved users and enterprises. We believe blended finance mechanisms can play an important role in accelerating commercially sustainable electric mobility markets.”

The partnership also aligns with broader efforts to expand clean energy deployment and reduce transport-sector emissions across Nigeria and Sub-Saharan Africa.