Nairobi, 28th Feb – Fortune Credit and eWAKA Mobility are thrilled to announce a strategic partnership aimed at piloting innovative financial products in the e-mobility value chain through an embedded finance approach.
The collaboration introduces a groundbreaking financing product that enables riders on the eWAKA platform to attain full ownership of the Shujaa 2.0 electric bike at a daily cost of just 396 KES. The electric bikes also come with an embedded comprehensive cover, protecting against damage and loss. This partnership is poised to significantly enhance the livelihoods of riders, made up of youth and women, by enabling them to take on more delivery jobs and increase their income opportunities.
The development of this product stems from a collaborative effort aimed at addressing the prevalent pain points faced by Kenyan youths and women in accessing asset financing from traditional lenders including poor credit history and lack of sufficient collateral . Additionally, the product incorporates a financial training component, specifically focusing on understanding loan obligations. Riders will also benefit from opportunities to enhance their credit rating and receive free financial education through Fortune Academy.
This partnership underscores Kenya’s commitment to transitioning towards cleaner and more sustainable mobility solutions, reducing reliance on fossil fuels, and fostering an interconnected low-emission transport system thereby contributing to the country’s goal of reduction of emissions by an estimated 3.46 MtCO2e by 2030
Janet Kuteli, Founder & CEO of Fortune Credit Limited, expressed her enthusiasm about the collaboration, stating,”We are excited about our partnership with eWAKA, a leader in the emobility space. Our collaboration enables us to connect riders to the market through efficient last-mile delivery. Through real-time scoring and digitization of the loan product, riders can access instant credit, fulfilling the essence of economic empowerment embedded in our financing model.”
Celeste, CEO of eWAKA, shared similar sentiments, saying,”We’re thrilled to partner with Fortune Credit, a company that perfectly aligns with our vision and values. Together, we’re set to empower African youth and women, transforming their destinies through accessible electric mobility. This partnership signifies more than just a collaboration; it marks a shared journey towards making a significant, positive impact on lives and livelihoods.”
About Fortune Credit:
Fortune Credit Limited is a financial services institution that was founded in 2014 to catalyze economic, social & ecological empowerment of the vulnerable population of Africa through appropriate savings, credit and insurance services
Website: https://fortunecredit.co.ke/
About eWAKA Mobility:
eWAKA offers a revolutionary approach to transportation with its tailored electric last-mile services for rent or purchase, to both corporates and individuals perfectly suited for deliveries and commuting.
Website: https://www.eWAKA.tech/