Rivy is expanding from solar into electric vehicle financing in Nigeria, partnering Ecowaka to fund electric three-wheelers for local transport.
Rivy, which rebranded from PayHippo in 2025, says it is extending its financing products to cover electric vehicles (EVs). EVs are vehicles powered by batteries and electric motors, not petrol or diesel.
Rivy has previously focused on solar financing and carbon financing. Solar financing helps businesses pay for solar systems over time instead of upfront. Carbon financing usually means funding tied to emissions reduction projects, sometimes supported by carbon credits, which are tradable certificates linked to reducing pollution.
The company’s new EV financing push includes a partnership with Ecowaka to finance electric three-wheelers. These are small commercial vehicles, similar to keke, used widely by drivers for last-mile movement of people and goods.
The timing is also shaped by broader market signals. Nigeria introduced an Electric Mobility bill in 2025 to regulate the EV industry. Estimates cited in the source put EVs on Nigerian roads at 15,000 to 20,000 units today, with projected annual growth of about 30.6% through 2031.
In Nigeria, transport costs track fuel prices closely. When petrol prices swing, it raises the cost of moving people and goods, and that can feed into food prices and other everyday expenses.
EV adoption has often been limited by upfront costs, battery concerns, and charging access. Financing is one lever that can reduce the upfront barrier by spreading payments over time.
If Rivy and Ecowaka can scale electric three-wheeler financing, it could accelerate EV penetration in commercial transport, where vehicles drive daily mileage and savings on fuel can be easier to measure. It also adds another active player to Nigeria’s broader clean energy and mobility financing market.
Primary Source: TechCabal
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