Bolt, the leading ride-hailing platform in Africa, has unveiled its electric tricycles (EV) in Lagos, a major move aimed at empowering Nigerian drivers through lower operational costs and more accessible paths to vehicle ownership.

It was described as the latest investment in building transport solutions tailored to the realities of African cities, focusing on financial inclusion, income growth, and long-term sustainability for drivers.

Bolt’s EV tricycle rollout is designed to directly address the economic pressure that drivers face amid rising fuel prices and vehicle maintenance costs.

Through a “Lease-to-Own” model in partnership with SGX, drivers can access brand-new electric tricycles with no upfront payment and own the vehicle outright after 24 months of consistent use.

Drivers participating in the programme will operate exclusively on the Bolt platform and within SGX-managed fleets, with continued access to preferential lease terms based on weekly performance benchmarks.

The new EV tricycles also introduce a lower-cost category for riders, particularly in high-density, lower-income areas where traditional ride-hailing options may be too expensive or unavailable.

Bolt’s Regional Director of Rides Operations, Africa and International Markets, Caroline Wanjihia, said: “This initiative is about transforming how mobility works for the people who power our platform, the drivers, by giving them tools to reduce fuel spending, avoid upfront vehicle costs, and eventually own their tricycles, we’re putting more control and earning potential directly into their hands.

“Nigeria, with its vast and dynamic population, is key to our strategy of making mobility economically viable and accessible for everyone.”

Osi Oguah, General Manager, Bolt Nigeria said: “This launch is a major step in addressing two critical challenges in Nigeria’s transport sector – driver income and commuter access. By introducing electric tricycles with flexible, lease-to-own options, we’re helping drivers save money, own their vehicles, and build sustainable livelihoods.

“At the same time, we’re offering commuters, especially in underserved areas, a more affordable and accessible way to move around their city. We have an ambitious target of having 1,000 electric tricycles by the end of 2025.”