Kara Finance, a leading financial service provider in Nigeria, is set to hold a rally to promote the conversion of petrol engines to Compressed Natural Gas (CNG) across the country. The first phase of the initiative, scheduled from March 4 to March 7, 2025, in Lagos, seeks to educate Nigerians on the benefits of adopting CNG technology.
A statement by Shehriyar Laghari, founder and chief executive officer of Kara Finance, said the rally, which will cover key motor parks, CNG refilling stations, and business hubs throughout the state, will focus on educating the public about the numerous advantages of CNG conversion.
According to Laghari, “The benefits of CNG usage for vehicles and other engines are enormous. Our vision is to create sustainable energy solutions for Nigerians while driving the adoption of greener, cost-effective alternatives to traditional power sources.
“Hence, we are on a mission to convert one million vehicles and generators to CNG across Nigeria. This will create a cleaner environment while reducing the cost of power generation and transportation. By enabling this transition, we aim to improve the standard of living for everyday Nigerians.”
On the highlights of the event, the company CEO noted that there will be free CNG conversion inspections, live demonstrations, expert Q&A sessions, giveaways, including free CNG fill-ups, and a financing model for CNG conversion.
Laghari also revealed that Kara Finance has already financed the conversion of over 600 vehicles to CNG, with customers seeing fuel cost savings of over 80 per cent after conversion. “This significant reduction in energy costs proves that CNG adoption is not only an environmentally friendly choice but also a financially smart decision for individuals and businesses,” he stated.
Looking ahead, Kara Finance is working to bring on more partners to scale up its efforts, with a target of converting at least 300,000 vehicles, trucks, and generators to CNG within the next five years.
Speaking further about Kara Finance’s approach to financing CNG conversion, Laghari explained, “Unlike traditional financing models, Kara Finance’s Pay-As-You-Save approach ensures that customers repay their loans from the fuel savings they make after switching to CNG. This guarantees affordable repayments while still allowing customers to save significantly on their energy costs.
“Some of our partners for the first phase of this initiative include Aseba Stars motors limited, Portland Gas limited, Autogas Nigeria ltd, CitronGreen Energy Ltd., BlackWhite Energy Ltd., Evergreen CNG Ltd., MBH Power Ltd., and BudPay – Bud Infrastructure Ltd.,” he added.
Founded in 2021, Kara Finance initially set out to address the credit challenges faced by entrepreneurs in Nigeria’s informal sector. Since then, the company has evolved into one of Nigeria’s leading green energy finance providers, focusing on facilitating the transition from petrol and diesel engines to CNG, as well as promoting solar energy solutions for both transportation and power generation.
In addition to its CNG conversion financing services, Kara Finance offers a wide range of financing solutions, including solar system financing for homes and businesses, as well as financing options for farmers, agribusinesses, and small- and medium-sized enterprises (SMEs).
As of today, Kara Finance has successfully financed over 12,000 individuals and businesses since 2021, empowering them to achieve greater energy independence
