Metro Africa Xpress (MAX) has secured $24 million in combined equity and debt financing, announced on January 16, 2026.
This capital infusion follows the company’s achievement of profitability in its Nigerian operations and accelerates its strategic transition to electric vehicle (EV) financing and clean mobility infrastructure across West and Central Africa.
MAX electric mobility vehicles deployed in urban African settings.
The equity portion attracted support from international investors including Equitane DMCC, Novastar, and Endeavor Catalyst, while debt financing was provided through the Energy Entrepreneurs Growth Fund (EEGF) in collaboration with development finance institutions specializing in clean energy.
Profitability as a Foundation for Growth
MAX’s recent profitability in Nigeria demonstrates the commercial viability of its integrated model, which combines pay-as-you-go (PAYG) financing, fleet management, and a shift toward electric two- and three-wheelers.
This milestone, achieved following a strategic restructuring including workforce optimisation and cost efficiencies, validates the company’s pivot from traditional vehicle financing to sustainable mobility solutions.
Adetayo Bamiduro, co-founder and CEO of MAX, emphasised: “Profitability in Nigeria proves that electric mobility in Africa is not a future concept. It is viable, scalable, and investable today.” The achievement has built investor confidence, enabling the company to secure significant new capital to fuel expansion.
Strategic Deployment of Funds
The $24 million will support several key initiatives: scaling the electric vehicle fleet, expanding battery-swapping and charging infrastructure, enhancing proprietary fleet management and IoT systems, and broadening operations across multiple markets in West and Central Africa.
Electric two- and three-wheelers assembled for African mobility needs.
MAX leverages its Ibadan assembly facility, capable of producing thousands of Africa-optimized electric vehicles monthly in partnership with regional and global original equipment manufacturers.
This local manufacturing approach reduces import dependency, lowers costs, and tailors solutions to regional road conditions and driver requirements.
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Ambitious Targets and Regional Impact
The funding positions MAX to support 250,000 drivers by 2027 and surpass $150 million in annual recurring revenue.
By prioritising electric mobility, the company addresses environmental concerns such as emissions reduction while improving economic outcomes for drivers through lower operating costs and reliable financing models.
These efforts contribute to broader clean energy goals, enhancing affordability, accessibility, and sustainability in the mobility sector across underserved markets.
Looking Ahead
MAX’s $24 million raise exemplifies how demonstrated profitability and operational discipline can unlock substantial capital for high-impact transitions in emerging markets.
By channelling these resources into electric mobility infrastructure and regional scaling, MAX strengthens its role in advancing sustainable transport solutions across West and Central Africa.
As of January 19, 2026, this development highlights growing investor support for viable clean mobility models on the continent.
For the most current information, consult official announcements from MAX and its investment partners.
Metro Africa Xpress Overview
Metro Africa Xpress (often shortened to MAX) does not publicly list a single fixed price for its vehicles, but available information on its electric bikes and rental/drive-to-own model gives a general sense of costs.
Under the MAX Drive to own price list, riders can pay around ₦6,000 per day for 18 months for a 100% electric bike under its rent-to-own scheme, after which ownership transfers to the rider.
This pricing structure reflects how MAX structures vehicle payments rather than a one-off Metro Africa Xpress MAX price in Nigeria.
For those looking to use MAX services rather than own a bike, the MAX Keke app and MAX Okada platform let customers hail motorcycles (okadas) and other mobility solutions on-demand via the mobile app available on Android and iOS.
Information on a separate MAX electric bike price in Nigeria outside the company’s financing model is limited, but third-party electric bikes generally range widely in the market depending on make and model.
To get MAX okada, users download the MAX Okada app, register, log in and request a ride; riders for the service are called “Champions” and provide fuel-free electric or conventional motorcycles to passengers.
Overall, MAX Nigeria’s pricing for vehicles and ride services is tied into flexible financing and daily usage fees rather than simple retail prices, reflecting the company’s integrated approach to mobility financing and adoption.
Ronnie Paul is a seasoned writer and analyst with a prolific portfolio of over 1,000 published articles, specialising in fintech, cryptocurrency, climate change, and digital finance at Africa Digest News.
