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Afreximbank Extends $50 Million Debt Financing to Spiro Electric Mobility Company New debt facility backed by Afreximbank and joined by Nithio and Africa Go Green Fund will accelerate Spiro’s battery swapping expansion across Africa.

President Museveni commissioned Spiro’s electric motorbike operations in Uganda at an event held at the National Leadership Institute (NALI), Kyankwanzi, on July 11, 2024.

Afreximbank has extended $50 million in debt financing to African electric mobility company Spiro, as the firm scales up its clean transport infrastructure across the continent.  The transaction, first reported by Africa Private Equity News, also brings in Nithio and the Africa Go Green Fund, managed by Cygnum Capital, as new investors. The fresh capital comes months after Spiro secured a $100 million investment in October 2025.  The company said the new funding will accelerate the expansion of its battery swapping network in both existing and new markets, while strengthening its proprietary technology platform.  Planned upgrades include automated battery swapping…

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About the Author

Paul Murungi is a Ugandan Business Journalist with extensive financial journalism training from institutions in South Africa, London (UK), Ghana, Tanzania, and Uganda. His coverage focuses on groundbreaking stories across the East African region with a focus on ICT, Energy, Oil and Gas, Mining, Companies, Capital and Financial markets, and the General Economy.

His body of work has contributed to policy change in private and public companies.

Paul has so far won five continental awards at the Sanlam Group Awards for Excellence in Financial Journalism in Johannesburg, South Africa, and several Uganda national journalism awards for his articles on business and technology at the ACME Awards.

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