Africa-Press – Angola. Ride-hailing company Bolt is introducing electric tricycles in Lagos as part of its efforts to grow its electric vehicle presence in West Africa. Beginning in May, 25 tricycles built in collaboration with Lagos-based electric mobility firm SGX Mobility will be deployed.
This rollout expands on Bolt’s current tricycle operations in Nigeria, where it already provides keke rides in cities such as Jos and Uyo. However, this marks the company’s first electric tricycle introduction in the country. Lagos riders can now select electric tricycles as a ride option through the Bolt app.
Each electric tricycle is priced at ₦3.2 million ($1,996), with drivers expected to make an initial down payment of ₦208,000 ($130) and repay the balance over 18 to 24 months. Lease options include weekly payments of ₦32,000 ($20) or monthly payments of ₦156,000 ($97). Battery swaps, which are required daily, cost about ₦6,500 ($4.06) approximately half the daily fuel expense of a petrol-powered keke.
“This launch is about creating a broader ecosystem, not merely adding new vehicles,” said Caroline Wanjihla, Bolt Africa’s spokesperson, during the Wednesday launch event. “Our focus is on driver economics electric tricycles offer reduced operating costs. With our lease model, drivers can own their vehicles within two years while benefiting from immediate savings on fuel and maintenance.”
Bolt is also implementing a lease-to-own financing model, which has recently faced criticism in the industry. Drivers using platforms like Moove and LagRide have raised concerns over rigid repayment plans, rising defaults, and frequent vehicle repossessions, often forcing them to work extended hours just to break even. Bolt claims its model is structured differently, offering lower upfront costs, fixed weekly payments, and a reduced commission rate.
“With LagRide and Moove, the focus is on more expensive vehicles. Tricycles are significantly more affordable, and our payment structure is more flexible,” said Zankyang Duniya, Bolt’s Operations Manager, during the press briefing. “We’re also adjusting our model to offer a 15% commission rate, compared to the 25% typically charged on vehicles.”
According to Ayo Mustapha, Corporate Finance Manager at SGX, the electric tricycles can reach top speeds of 80 km/h and operate for up to 12 hours on a full charge. They use a battery swap model, allowing drivers to quickly replace batteries at a designated swap station in Eagle Square, Surulere—an approach aimed at reducing downtime and ensuring more consistent daily earnings.
The launch of Bolt’s EV tricycles coincides with a period when local cycle operators are seeking alternatives to petrol-powered tricycles amid rising fuel costs. While some have switched to compressed natural gas (CNG) as a more affordable option, challenges like limited refueling infrastructure and high conversion costs persist—especially for low-income drivers. Bolt’s electric initiative enters this space with the added benefits of zero emissions and the potential for vehicle ownership.
In the immediate term, Bolt is adopting a measured strategy, observing how both drivers and passengers respond to the electric tricycles. Should demand underperform, the company is ready to adjust lease terms, reallocate vehicles, or scale back growth. However, if the rollout proves successful, Bolt intends to expand the model to more Nigerian cities and later into other African countries such as Ghana, Uganda, Tanzania, and Tunisia.
The belief is that, despite Lagos’ notorious traffic, the city is ready for electric vehicles, provided the economics and infrastructure are properly developed. Bolt believes it is capable of delivering on both fronts.
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