Swap, a pioneering battery-as-a-service company, is proud to announce its official launch in Nigeria, introducing an innovative and cost-effective solution that helps tricycle riders, commonly known as “keke riders” to save up to ₦100,000 monthly on converting their internal combustion engine (ICE) vehicles to electric vehicles (EVs) at no upfront cost. Swap’s vision is to transform transportation and mobility sectors across the globe with electric vehicles, delivering substantial savings on fuel and engine maintenance costs while paving the way for a sustainable and efficient future of transportation
Swap’s mission is to design power technology and products that enable easy access and affordability for commercial vehicle owners across Nigeria and similar economies globally. “We believe in creating solutions that reduce the capital investment for commercial vehicle owners while lowering their total business expenses,” said Seyi Oguntunde, CEO of Swap. “Our focus has been on sectors like the last-mile public transport system, where we’ve successfully implemented our solutions, significantly reducing operational expenses.”
In Nigeria’s current economic landscape, drivers face substantial challenges, particularly with the rising costs of fueling and vehicle maintenance. “The inflation and removal of fuel subsidies have hit drivers the hardest, especially in the last-mile segment of the transportation business,” explained Oguntunde. “With EVs, the need for engine maintenance is eliminated, and the cost of powering the vehicle remains cheaper than traditional fuel.”
Swap’s innovative approach to electric vehicle conversion addresses these challenges by enabling drivers to benefit from the affordability of electric-powered vehicles at no upfront cost. “Our solution converts ICE vehicles to EVs without any upfront costs, making the transition seamless for drivers,” emphasised Oguntunde. “This approach ensures that users can access power conveniently without expensive initial commitments, setting us apart from other solutions in the market.”
With Swap, drivers experience significant financial and environmental benefits. “We’ve been able to reduce running costs for users by 30-45%, thanks to zero engine maintenance and cheaper fuel costs,” noted Oguntunde. “Moreover, our solution contributes to environmental sustainability by significantly reducing carbon emissions, aligning with the Sustainable Development Goals.”
In order to efficiently operate its cashless swap stations, Swap has entered a strategic partnership with Stacs, a leading fintech company dedicated to making credit accessible for all Nigerians. “With our partnership, Stacs will offer credit products to drivers, enabling them to make repayments every time they pay for a battery swap.” stated Oguntunde.
Timi Odusina, CEO of Stacs, expressed excitement about the partnership, stating, “This collaboration aligns with Stacs’ mission to make credit accessible for all Nigerians. By integrating our credit products with Swap’s innovative solution, we can provide more drivers across Nigeria and Africa with financial flexibility and inclusion via affordable credit.”
Looking ahead, Swap plans to rapidly expand its swap stations across Nigeria and Africa, leveraging a franchising model to partner with interested operators and government agencies. “We’re also exploring partnerships with logistics companies for last-mile deliveries, with electric Minibuses set to be in commercial use by 2025,” revealed Oguntunde.
Swap’s launch and partnership with Stacs mark a significant milestone in the transportation and fintech industries, offering innovative solutions that drive efficiency, affordability, easy access to credit and sustainability.
About Swap:
Swap is a battery-as-a-service company dedicated to transforming the vehicle ownership experience across Africa. By converting internal combustion engine vehicles to electric vehicles without upfront costs, Swap provides drivers with a sustainable and cost-effective alternative in today’s economic landscape. With a commitment to deploying innovative power technology across various business sectors, Swap aims to reduce the cost of doing business for vehicle owners and commuters worldwide.