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.

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 systems, faster charging capabilities and deeper integration of renewable energy solutions.

Laurène Aigrain, Managing Director of the Africa Go Green Fund, said the investment reflects confidence in Spiro’s operating model and its measurable environmental and social impact. 

She noted that the company has established a solid foundation across several African markets and is well positioned to scale critical clean mobility infrastructure in a commercially sustainable manner.

Spiro currently operates in Kenya, Uganda, Rwanda, Nigeria, Benin and Togo, with pilot projects underway in Cameroon and Tanzania. 

The company has deployed more than 80,000 electric motorcycles, circulated over 300,000 batteries, completed more than 30 million battery swaps and built a network of over 2,500 swap stations.

Raghav Sachdeva, Chief Investment Officer at Nithio, said Spiro’s growth demonstrates that electric mobility can expand rapidly while delivering economic benefits to riders and reducing carbon emissions. 

He added that the company plays an important role in advancing Africa’s clean energy transition.

For Afreximbank, the deal aligns with its broader strategy of supporting sustainable industrial development across Africa. 

Oluranti Doherty, Managing Director for Export Development at the bank, said backing Spiro is part of the institution’s commitment to financing environmentally sustainable trade and building a green industrial value chain that supports long term economic transformation.

With additional funding secured, Spiro is expected to deepen its presence in its current markets while exploring expansion opportunities in new territories, reinforcing Africa’s transition toward cleaner and more affordable transport solutions.