Uganda’s Asaak deploys 2,000 electric motorcycles in four months

Ugandan fintech startup Asaak has deployed over 2,000 electric motorcycles across Uganda in under four months, making it one of the fastest-growing fintech-enabled mobility companies in East Africa.

The company achieved this milestone through partnerships with Spiro and other key players in the region’s emerging e-mobility sector. The initiative underscores Uganda’s growing transition toward sustainable transport and cleaner energy.

Founded in 2016 by Edward Egwalu, Dylan Terrill, and Anthony Leontiev, Asaak provides asset financing and microloans to entrepreneurs, especially motorcycle taxi operators, locally known as boda boda riders, who are often excluded from traditional banking systems. Through its platform, drivers can access credit for motorcycles, smartphones, and fuel, helping them build ownership and financial independence.

What makes Uganda’s e-mobility growth even more remarkable is its reliance on renewable energy. Nearly 100% of Uganda’s electricity grid is powered by renewable sources. As the Nile turns the turbines of the Bujagali Dam, boda riders are now earning income while reducing emissions and improving air quality.

Each electric motorcycle not only saves drivers money on fuel but also helps keep cities and rural communities cleaner.

Motorcycles are central to Uganda’s transport system and economy. The boda boda industry is the second-largest employer after agriculture, and demand has surged steadily over the years.

Uganda now imports twice as many motorcycles as cars. According to government data, motorcycle imports rose by 67.3% from an average of 163,356 units in the three years leading up to June 2023 to over 500,000 units. The country currently has more than 1.5 million boda bodas on the road, accounting for about 70% of all vehicles.

Flexible financing models from fintechs like Asaak have supported this massive demand. In 2021, Asaak partnered with Untapped Global, an investment company focused on emerging markets, to finance over 2,000 motorcycles in just 12 months.

In July 2025, Asaak’s partner Spiro made headlines by deploying 500 electric motorcycles in a single day, the largest e-bike rollout in Africa’s history. Within days, the company added another 450 bikes and has since scaled up to deploy 175–200 motorcycles per day.

Uganda registered about 2,500 electric motorcycles in 2024, but that number is now rising sharply in 2025 as more players invest in e-mobility solutions. The combined efforts of Asaak, Spiro, and other partners are helping to make Uganda’s transport system cleaner, safer, and more affordable, while reducing carbon emissions and improving livelihoods.