Nigeria’s fast-growing Buy Now, Pay Later (BNPL) market, projected to rise by over 83% to $2.61 billion by 2030, has begun accelerating adoption of clean mobility solutions, with Ecowaka and climate-finance firm Rivy unveiling a flexible financing model to ease access to electric keke nationwide.
The partnership, announced as BNPL emerges as one of Nigeria’s strongest inclusive-credit tools, aligns with trends highlighted in EnterpriseNGR’s State of Enterprise 2025 Report, which notes that “BNPL grew at a 23.1% CAGR between 2021 and 2024 and is projected to reach $2.61 billion by 2030 from $1.42 billion in 2024.”
Leveraging this expanding financing ecosystem, Ecowaka and Rivy will offer structured payment plans to Nigerians who cannot afford the high upfront cost of electric tricycles, beginning with a pilot deployment of five electric vehicles.
According to Prince Ojeabulu, founder and CEO of Ecowaka, the partnership marks a significant step in advancing Nigeria’s transition to clean transportation.
“We are thrilled to partner with Rivy to make electric mobility more accessible. This partnership brings us closer to accelerating Nigeria’s transition to sustainable transportation. By working with Rivy, we are opening new opportunities for drivers, fleet owners, business operators and cooperatives to embrace electric vehicles without financial strain,” he said.
Rivy’s CEO, Dami Olawoye, said the initiative aligns with the company’s mission of building financial infrastructure that supports climate-friendly innovations.
“This initiative is not just about financing; it is about empowering people, supporting livelihoods and contributing to a greener and more inclusive economy. Working with forward-thinking partners like Ecowaka helps accelerate the adoption of electric mobility solutions that support both economic growth and environmental sustainability,” he stated.
Founded in June 2024, Ecowaka provides electric three-wheelers and cargo vehicles for individuals, businesses, fleet operators and government agencies, promoting energy efficiency and eco-friendly transportation.
Rivy, on its part, is developing fast, fair and flexible financial pathways to expand access to clean energy technologies across Nigeria and beyond.