Our investment
Description of the investment.
Description of the investment.
BII’s $5 million investment will support MAX to scale the adoption of electric vehicles in Nigeria, Ghana and Cameroon, helping to reduce greenhouse gas emissions while creating income-generating opportunities for low-income riders. Through its pay-as-you-go model, MAX provides access to reliable, affordable and energy-efficient two-wheelers, bundled with essential services, enabling a more inclusive transition to e-mobility.
Impact information
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
What?
| Impact |
|---|
Enhanced economic opportunities for riders (SDG 8.2). Expanded access to affordable and sustainable transport (SDG 11.2), supporting climate action and the transition to net zero (SDG 13.2). |
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How?
| Primary | Secondary |
|---|---|
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MAX is accelerating the adoption of electric vehicles by increasing the availability and affordability of electric two-wheelers for low-income riders through an integrated service offering: 1) Financing: A rent-to-own model that enables gig-economy riders to access asset finance and own electric vehicles. 2) Battery swapping: Expansion of charging and battery-swap infrastructure across strategic locations to enable convenient access. 3)Service package: Ongoing battery servicing, vehicle registration support, emergency response and insurance coverage. This approach supports the shift from fossil-fuel vehicles, resulting in reduced greenhouse gas emissions through increased adoption of electric two-wheelers. |
Catalysing the market (replication pathway): BII’s investment helps demonstrate the commercial viability of electric vehicles for transport and logistics, encouraging wider adoption across West Africa. The transaction also supports the development of a broader e-mobility ecosystem - including charging infrastructure and maintenance services - helping to attract additional market participants over time. |
Who?
| Stakeholder | Geography | Characteristics |
|---|---|---|
| Consumers (gig riders) |
Nigeria (93%), Ghana (5%), Cameroon (2%). Urban and peri-urban areas. |
Transport and logistics in the region are largely informal and dominated by low-income gig-economy workers with limited access to asset finance. Average two-wheel riders earn approximately ?80,000 per month, well below the low-income threshold of around ?140,000. Rising fuel and maintenance costs are eroding real incomes for riders dependent on internal combustion engine (ICE) vehicles. Based on a 60dB survey, 71% of MAX riders are classified as low-income. |
| Planet |
Low EV adoption: Across Nigeria, Ghana and Cameroon, the transport sector remains heavily dominated by internal combustion engine (ICE) two- and three-wheelers. High emissions: ICE two-wheelers emit around 40–50g of CO2 per kilometre, while three-wheelers emit approximately 90–120g of CO2 per kilometre. Market shift: The removal of fuel subsidies in Nigeria has increased fuel prices more than fourfold since 2023, driving demand for electric alternatives as riders seek more affordable transport solutions. |
How much?
| Scale | Depth/Duration |
|---|---|
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MAX has served over 50,000 mobility entrepreneurs to date, primarily using ICE two-wheelers. Its pivot to electric vehicles aims to deploy up to 100,000 electric two-wheelers and scale battery swap infrastructure to over 1,000 stations. MAX currently operates 50 battery swap stations – 33 in Nigeria and 17 in Ghana. Scaling this network has the potential to deliver significant emissions reductions through the replacement of ICE vehicles. Estimated annual greenhouse gas abatement from the EV pivot is c.1,399,080 tCO2e. |
EVs are cheaper than ICE alternatives and can lower operating expenses by ~38%, improving riders’ income. A survey by 60dB showed that 95% of MAX riders experienced improvement in their quality of life. We expect this impact to be sustained over time as deployment scales. EVs deliver 100% greenhouse gas savings from tailpipe emissions. Long-term emissions reduction and improved air quality are anticipated, particularly in dense urban areas. |
Contribution/additionality
| Contribution/additionality |
|---|
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BII’s capital is financially additional due to the limited availability of financing for EV adoption in West Africa. While the financing landscape for e-mobility has evolved in Africa and other emerging markets, it remains relatively nascent in West Africa. BII’s investment in the second close will support MAX to finalize its Series B3 round and secure the resources needed to expand EV adoption in the region. |
Risk
Execution RiskAlthough EVs have been tested in some African markets (East Africa), it remains nascent in West Africa. There is a risk that deployment and adoption will not be achieved at the desired scale due to this. Mitigant: Max has built a large pipeline of drivers across several markets to enable easier deployment. Unexpected Impact RiskIncreased health and safety risks e.g., battery fires and accidents. Mitigant: This is adequately covered by the Environmental and Social Action Plan (ESAP) and will be monitored through the Environmental and Social team. |
Impact score
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Impact score (at point of investment)
The Impact Score is a tool to help us manage our performance against our strategic impact objectives. It is designed to incentivise investments that support our productive, sustainable, and inclusive objectives. The Impact Score shown is based on the 2022-2026 Impact Score methodology. You can find out more here. The Impact Score is published for investments made from 2022 onwards. The Impact Scores are calculated at the point of investment. We publish the Impact Scores of new investments annually, once the information has been externally assured by an independent third party. |
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Environmental and social information
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Environmental and social summary
A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.
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Environmental and social risk
A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.
Environmental and social summary
We partnered with our fund manager to co-invest in this company, including by relying on our fund manager's due diligence. Together, we developed an ESAP with the company, which included items related to labour and working conditions, road and fire safety, and implementing supply chain risk management processes.
Environmental and social risk
Medium-Low
Reporting and Complaints Mechanism
The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.
For any other general enquiries contact us at [email protected]
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Key facts
- Last updated
:
When the last quarterly update of the website database occurred.
- June 2026
- Project number
:
An identifier number shared by investments in the same project.
- D10316
- Status
:
The current status of the investment (green flag for active and red flag for exited).
- Active
- Region
:
The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.
- West Africa
- Country
:
The countries where the investment delivers impact. Where impact is delivered in multiple countries, this is indicated.
- Cameroon, Ghana, Nigeria
- Sector
:
We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.
- Manufacturing
- Sub sector
:
The sub-sector that the investment is made into; this provides a more granular level of detail than the ‘sector’ information
- Passenger Ground Transportation
- Investment policy :
- Catalyst
- Investment type :
- Equity
- Start date :
- October 2025
- Amount :
- $2.5m
- Currency of investment :
- USD
- Domicile
:
The company or investment fund’s place of incorporation.
- USA
We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.
Type of investment portfolio that each investment is made under. Since 2014, we have run two investment portfolios: Catalyst and Growth. In addition, our Kinetic Portfolio enables us to manage concessional investment strategies.
For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.
For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.
For direct equity investments, this is the date at which British International Investment exited the investment.
For debt investments, this is the date at which the final debt repayment was made.
For funds, this is the date at which the fund was terminated.
For underlying fund investments, this is the date at which the fund manager exited the investment.
The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.
For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.
The currency in which the investment was made.
- Last updated
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Gender and climate finance facts
- Climate finance
:
Indicates whether the investment is climate finance qualified or partially climate finance qualified and the type of climate finance (adaptation, mitigation or both). We define climate finance using the multilateral development bank (MDB) and the International Development Finance Club (IDFC) Common Principles climate finance methodology. See Common Principles for Climate Mitigation Finance Tracking and Common Principles for Climate Change Adaptation Finance Tracking. We provide the climate finance qualification and type for commitments from 2020 onwards, which is when we launched our Climate Change Strategy.
- Fully qualified
- Climate finance type
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Mitigation: Indicates investments which, by avoiding or reducing GHG emissions or increasing GHG sequestration, contributes substantially to the stabilisation of GHG concentrations in the atmosphere – at a level which prevents dangerous anthropogenic interference with the climate system consistent with the long-term temperature goal of the Paris Agreement
Adaptation: Indicates investments aimed at preventing or reducing the risks or vulnerabilities posed by climate change and increasing climate resilience. This includes both adapted activities and enabling activities to manage and reduce physical climate risks
Dual: Indicates investments directed towards activities contributing to both climate change mitigation and climate change adaptation and meeting the respective criteria for each category
The climate finance type of the investment is determined at time of commitment.
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- Mitigation
- Climate finance
