World Moto (OTCMKTS:FARE) is to roll-out its motorbike taxi metering product, Moto-Meter, to customers in Rwanda.
The company has announced that a memorandum of understanding has been signed with a distributor in the East African country.
It authorises the distributor to immediately begin marketing the Moto-Meter product as partner of World Moto, and it spells out the price and preferred lead times for stock orders.
Structuring the partnership in such a way, rather than a more formal framework, can expedite agreements and give the distributor more flexibility, World Moto said in a statement.
"There has been a continuing increase in sales inquiries from operators around the world as well as requests from distributors looking to service growing demand,” said Paul Giles, World Moto chief executive.
“It's important to note that these requests have all been unsolicited.
“And now that the company has sufficient financial resources to launch sales promotion campaigns, we are more confident than ever that the Moto-Meter market is poised to enter a time of rapid expansion."
The company also highlights that motorcycle taxis are a favoured form of transport in Rwanda,
Public buses are unreliable in Rwanda, according to World Moto, and automobile taxis are expensive and much slower.
World Moto expects sales of the Moto-Meter product will begin in Kigali, Rwanda’s capital city, where the industry is regulated.