E-MOBILITY : Spiro receives a CFAF 43 billion investment from FEDA

(LVDE) – The Fund for Export Development in Africa (FEDA) has announced a strategic commitment of $75 million (approximately CFAF 42.6 billion) in favor of Spiro, a leading electric vehicle assembly company in Africa. This initiative aims to strengthen industrialization and regional integration across the continent.

Africa’s e-mobility landscape is undergoing a major transformation, as revealed on November 10, 2025, by the Fund for Export Development in Africa (FEDA), an investment arm of the African Export-Import Bank (Afreximbank). With an injection of $75 million—equivalent to CFAF 42.6 billion—this investment marks a pivotal moment for Spiro, a pioneer in the electric vehicle assembly sector in Africa.

The decision forms part of a broader strategy to boost manufacturing value chains across the continent. Afreximbank stated in a release that this effort is essential to build integrated production ecosystems that foster partnerships between local operators and technology providers. The goal is to enhance specialization and efficiency within Africa’s automotive industry.

Founded in 2022, Spiro has rapidly expanded its presence to several African countries, including Uganda, Kenya, Nigeria, Cameroon, and Rwanda. With this new round of funding, the company plans to strengthen its footprint in Central Africa and position itself as a key player in the continent’s transition toward sustainable mobility.

According to George Elombi, President of Afreximbank and Chairman of FEDA’s Board of Directors, this partnership represents a major shift for trade and industrial development in Africa. The project seeks to stimulate local production, enhance regional economic integration, and promote the transfer of critical skills and technologies. It is also expected to create jobs while addressing the environmental impact of imported used vehicles.

Spiro already stands out as one of Africa’s largest electric battery-swapping networks, with over 60,000 electric motorcycles and 1,200 swapping stations deployed across the continent. To date, its vehicles have covered more than 800 billion kilometers without emitting CO₂, demonstrating the company’s positive environmental impact. Additionally, 26 million battery swaps have been recorded, significantly reducing carbon emissions in urban areas.

Spiro’s business model is designed to accelerate Africa’s energy transition by transforming mobility habits and making clean transport both accessible and affordable. With a focus on energy efficiency and sustainable development, Spiro is actively driving an inclusive and greener future for African cities.

FEDA’s investment represents a major opportunity for Africa—not only economically, but also environmentally. As the continent continues to build resilient and sustainable infrastructure, this commitment to electric mobility could have far-reaching effects on the entire transportation sector, paving the way for a future where sustainability and efficiency coexist. Initiatives like this position Africa as a key player in the global shift toward sustainable mobility, ready to meet the challenges of tomorrow.

Tressy Chouente