Ride-hailing platform, Bolt, reports that electric motorcycles are expanding rapidly as rising fuel prices in Kenya push drivers to seek alternatives with lower operating costs.
- •The company told The Kenyan Wall Street that it has financed more than 3,500 electric boda bodas since 2024 through a partnership with M-KOPA, and that about 70% of electric ride-hailing motorbikes in Kenya now operate on its platform.
- •Additionally, ride volumes from electric bikes on the platform grew by 180% year on year.
- •Rising fuel costs have hiked transport prices sharply, making the sector a leading driver of inflation in April, according to the Kenya National Bureau of Statistics (KNBS).
Petrol and diesel prices have hovered near or above KSh 200 per litre in recent pricing cycles, increasing operating costs for drivers and prompting fare adjustments across the sector. The fuel price surge was occasioned by heightened volatility in global oil markets linked to disruptions around the Strait of Hormuz, a narrow and strategically vital shipping corridor through which roughly a fifth of the world’s oil supply flows.
According to Bolt, electric motorcycles offer a significant cost advantage for many riders. The company estimates that riders save between KSh 300 and KSh 500 per day by switching from petrol to electric bikes, equivalent to about KSh 182,500 annually. Over five years, the total cost of ownership is about KSh 577,800 lower for electric motorcycles, driven by cheaper energy and reduced maintenance.
Electric vehicles still represent a small share of Kenya’s overall transport fleet, at about 39,000, according to government disclosures.
Electricity in Kenya costs about KSh 25 per kilowatt-hour, compared with petrol prices above KSh 200 per litre, giving electric bikes a four- to five-fold advantage on energy costs. Maintenance expenses are also lower because electric vehicles have fewer mechanical components.
Navigating Thin Margins
Even if the war between Iran and the US ended today, the precarity of fuel supply chains during the crisis cannot be fixed or forgotten easily. Kenya still imports most of its petroleum products, making domestic prices sensitive to the slightest future interruptions that will occur overseas. If global oil prices stabilized today, fuel prices are unlikely to ease as big chunks of the fuel prices in Kenya are determined by taxes and levies the fiscally-strained government cannot do away with.
By contrast, electric motorcycles rely on grid electricity, which is regulated locally and less exposed to international price fluctuations. That cost stability is becoming a key factor for riders operating on thin margins.
Investment in electric mobility has also increased, as startups that manufacture or assemble EVs are raising capital to expand fleets, battery-swapping infrastructure and financing models. In 2026, Spiro and ARC Ride raised millions of dollars from development finance institutions and equity investors to improve their EV models, potentially making them affordable for prospective riders. Moreover, Pay-as-you-go financing, such as that provided by M-KOPA, has lowered upfront costs for riders and supported adoption.
Electric vehicles still represent a small share of Kenya’s overall transport fleet, at about 39,000, according to government disclosures. Over 90% of this figure are two-wheelers and three-wheelers, which means that ride-hailing platforms like Bolt are leading the EV revolution in the country. This does not obfuscate persisting challenges that continue to impede steady intake, including limited charging stations.
Unlike Ethiopia, which has mandated a shift to electric vehicles by banning imports of petrol and diesel cars, Kenya’s transition is being led by market forces, with fuel costs and the surge in private financing driving adoption. Bolt said the trend is likely to continue as drivers respond to sustained pressure on fuel prices and seek more predictable operating costs.
