Metro Africa Xpress (MAX), a Nigerian mobility financing startup, laid off 150 employees in January, representing 30% of its workforce, as part of its transition to exclusively financing electric vehicles (EVs). This move comes as MAX embarks on a bold initiative to finance 120,000 EVs across Nigeria, Ghana, and Cameroon—three times the number of internal combustion engine (ICE) vehicles, motorcycles, and tricycles it financed in 2024 (TechCabal, 2025).
A MAX spokesperson explained that the layoffs were part of a broader restructuring aimed at positioning the company as a leader in sustainable mobility. Previously, MAX financed both ICE and electric vehicles, using a rent-to-own model with daily subscription fees. However, the company now seeks to phase out ICE vehicles entirely. MAX emphasized that the decision was not taken lightly and assured that affected employees were provided with health insurance and job placement assistance. The company did not disclose the exact number of employees impacted (TechCabal, 2025).
Some former employees reported that termination emails cited performance reviews as the reason for their dismissal, though many later realized it was a mass layoff. The terminations were immediate, and no severance packages were provided. In addition to reducing its workforce, MAX has also implemented cost-cutting measures, such as limiting energy consumption and reducing generator usage at its offices. The company stated that these efforts align with its broader goal of minimizing its carbon footprint while transitioning to sustainable energy sources (TechCabal, 2025).
MAX’s shift to EV financing has also led to strategic investments. In November 2024, MAX partnered with PASH Global, a renewable energy and impact investment firm, to invest $10 million in developing EV charging infrastructure in Nigeria. The company, which previously manufactured its own electric motorcycles, now sources vehicles from original equipment manufacturers (OEMs) like Spiro, with each EV costing up to $900. Scaling up to 120,000 vehicles presents significant capital requirements, highlighting MAX’s need for continued financial backing (TechCabal, 2025).
Since 2019, MAX has raised approximately $63 million in a mix of equity and debt financing. In 2020, it issued a ₦10 billion ($22 million) multicurrency bond, securing a ₦400 million ($1 million) one-year fixed-rate note. Its last disclosed raise in 2022 brought in $24 million through a private placement under SEC Rule 506(b), allowing it to raise capital from sophisticated investors without public solicitation. Founded in 2015 by Adetayo Bamiduro and Chinedu Azodoh, MAX has evolved from a delivery service to a ride-hailing platform and now focuses primarily on vehicle financing, reflecting its ongoing adaptation to Africa’s rapidly changing mobility landscape (TechCabal, 2025).
