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Client: EkoRent Africa Limited
EkoRent Africa Ltd., established in 2017, launched Nopia Ride—East Africa’s first all-electric taxi service—in Nairobi in August 2018. As a trailblazer in clean transport, EkoRent needed to maintain transparency in operations and comply with regulations surrounding unclaimed financial assets under Kenya’s UFAA framework.
Industry: Green Transport / Electric Mobility
Project Duration: 18 months
Service Provided: External Audit for Holders of Unclaimed Financial Assets (UFAA)
Challenge
EkoRent Africa Ltd required an independent external audit to:
- Investigate its procurement process for electric vehicles
- Evaluate the accuracy of its billing and revenue collection systems
- Review bank transactions and financial records
- Ensure proper disclosure of unclaimed financial assets to the Unclaimed Financial Assets Authority (UFAA)
Our Approach
BenKim Associates carried out a thorough forensic-style audit focusing on:
- Procurement audit of environmentally friendly vehicles
- Examination of the client billing system for data integrity
- Assessment of cash utilization and revenue flow
- Full bank transaction review to identify any signs of misappropriation
- Review of financial records related to unclaimed assets over a span of 1 year and 6 months
Results
- Verified and documented the authenticity of procurement practices
- Identified gaps in the cashflow management system and provided strategic recommendations
- Flagged irregularities in client billing and advised on corrective action
- Provided a complete audit report aligned with UFAA standards
- Strengthened EkoRent’s regulatory compliance and stakeholder confidence
"We engaged BenKim Associates to conduct a detailed audit of our operations and compliance with UFAA requirements. Their team demonstrated unmatched professionalism, attention to detail, and a deep understanding of the financial and operational challenges unique to green mobility startups like ours. Thanks to their audit, we gained valuable insights into our cashflow processes and client billing systems. We highly recommend them to any business looking for reliable external audit services in Kenya."
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