World Moto (OTCMKTSL:FARE) has inked a new distribution deal which will see its Moto-Meter product throughout Kenya.
A Kenyan company will now have exclusive rights to distribute the Moto-Meter journey metering system for motorbike taxis in the East African country.
As an authorised partner, it will have the right to purchase the product at a set price and the agreement also defines preferred lead times for initial orders.
It is the latest deal of its kind for World Moto, which has recently signed similar arrangements with companies in Uganda and Rwanda.
Around 80% of Kenya’s 500,000 motorbikes are used as taxis, according to World Moto, which also highlights that some 8mln people use ‘boda boda’ motorbike taxi’s each day.
"In the last month, we've signed MOU documents for Uganda, Rwanda, and Kenya, three major countries of the East African Federation, all of which are leading their region in professionalizing the motorcycle taxi industry and represent potential revenues of several hundred million dollars in sales," said Paul Giles, World Moto chief executive.