Bolt is doing something similar to what Safaricom did in Kenya two decades ago (It is also looking to repeat it in Ethiopia). Bolt is making it easier for drivers to own a car through their vehicle financing programme.
The newly launched programme, which is the first of its kind in the region, will enable drivers to own a car with low equity repayment. The programme reflects Bolt's commitment to improving earnings for drivers while allowing them to maintain flexibility as vehicle owners.
Bolt Country Manager Femi Akin-Laguda said “This initiative reiterates our continued commitment to helping our drivers earn more as our partners in moving Nigeria. Our drivers are vital to our business operations, and improving the earnings of every driver is fundamental to keeping the trust and loyalty that we have earned over the last couple of years.
"As we expand our presence into more cities across the country, it is important to provide solutions that ensure working with Bolt is more flexible and profitable for drivers, which inherently improves the overall experience for our riders as well. More importantly, the vehicle financing programme will enable drivers to earn at their own pace either driving full time or part-time,” he added.
“We are very excited to be partnering with Africa’s leading ride-hailing platform, Bolt, to bring this service to their drivers, and we are confident of a long-lasting and truly rewarding alliance,” concluded Desalu.
Bolt’s operative verification of driver identities and extensive data on driver activities in partnership with Sterling Bank’s Alternative Finance was the reason behind the success of the vehicle financing programme. The programme will provide a route for drivers who currently lease a car via the hire-purchase or rental model to drive on the Bolt platform.
Nigeria in focus
GDP: $448.12 Billion compared to Tunisia's $38.797 Billion in 2019
Population: 200,963,599 compared to Tunisia's 11,694,719 in 2019
GDP per capita: $2,229 compared to Tunisia's $3,317 in 2019
Inclusion Times Newsletter
Join the newsletter to receive the latest updates in your inbox.