Metro Africa Xpress (MAX.ng), a Lagos, Nigeria-based website that connects individuals with African motorbike taxi drivers, has received funding from the Rwanda Innovation Fund (RIF). The RIF, which is managed by Angaza Capital, invests in firms that are devoted to the continent’s long-term growth through smart and sustainable technologies, such as MAX.ng.
Angela Homsi, the president of Angaza Capital, says “Through charging stations and battery swap stations, MAX is assisting in the shift to electric vehicles. Through economical payment methods, drivers on this platform have access to zero-emission electric automobiles.”
According to Max.ng, a start-up founded in 2015, 14 million commercial drivers in Africa are underserved, unable to access banking systems, and lack adequate insurance, making transport dangerous and unreliable for 50% of passengers.
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“In addition to its socioeconomic impact, the industry has a significant impact on environmental issues, as commercial drivers’ two and three-wheelers are extremely polluting and account for a significant portion of the continent’s expanding greenhouse gas (GHG) emissions,” she notes.
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To bring its electric motorcycles to market in 10 West African nations, including Togo, the Nigerian business raised $7 million in 2019 from Novastar Ventures, a Nairobi and Lagos-based venture capital firm, and Yamaha Motor, a Japanese motorbike hardware supplier. RIF’s investment in the start-up Max.ng, whose value has not been disclosed, will allow e-mobility solutions to be expanded throughout East Africa three years later. In terms of ecological mobility, the sub-region also shows some dynamism. Rwandan authorities, for example, have set a target of lowering carbon dioxide (CO2) emissions by 38 percent by 2030. The transportation and logistics sectors make a significant contribution.
MAX.ng Rwanda MAX.ng Rwanda
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer