The move is aimed at tackling air pollution and revolutionizing urban mobility in West Africa.
Over the next ten years, they plan to introduce 33,000 electric taxis, replacing combustion-powered vehicles with cleaner, more affordable options for both drivers and passengers.
While East Africa has seen a surge in electric mobility since 2015, West Africa lags behind.
Mbay Mobility seeks to bridge this gap, positioning these three cities as regional hubs for eco-friendly transportation.
The company successfully piloted 10 electric taxis in Senegal in 2022 and is now seeking additional financial partners to scale up the project.
“Dakar’s taxis, though few in number, contribute significantly to air pollution,” says Matthew Sellar, CEO of Mbay Mobility. “Our trials show electric vehicles work well, are loved by passengers and drivers, and offer substantial savings.”
By providing affordable, convenient electric taxis, Mbay Mobility’s vision extends beyond environmental impact, aiming to empower drivers, enhance passenger experience, and drive positive change across the region.
Cairo-based venture capital firm Foundation Ventures has announced the first close of its new $25 million fund, FVFII, marking a significant step toward strengthening Egypt’s entrepreneurial ecosystem.
Sanari Capital, a private equity firm focused on African growth companies, announced an R80 million (approximately $4.4 million) follow-on investment in EduLife Group, a network of independent schools in South Africa.
Ecobank, a leading pan-African banking group, has unveiled the twelve finalists vying for the US$50,000 grand prize in its seventh annual Fintech Challenge.
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