Bolt launches early cashout option to improve drivers’ liquidity
In a bid to further improve the customer experience for its drivers, one of Nigeria’s leading ride-hailing platforms, Bolt, has launched an on-demand cash withdrawal option to provide early access to cash earned on the platform from cashless payment methods and other earnings.
The new early cashout service enables drivers to easily withdraw earned cash whenever they need it.
“Drivers are core to our business, and we must continue to retain the trust and loyalty we have earned over the years by fulfilling our promise to keep improving the overall experience for every driver,” Bolt Country Manager in Nigeria, Femi Akin-Laguda, said while commenting on the initiative.
According to Akin-Laguda, the early cashout option improves liquidity for Bolt’s drivers by ensuring that they have easier and faster access to their earnings.
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“This will include fares for trips paid with cashless options like cards, driver bonuses and payments for passenger discounts. We aim to ensure that our drivers have flexibility in how they access their earnings while passengers will be more confident to request rides with any payment method they wish,” Akin-Laguda explained.
The cashout product processes payments directly to drivers’ bank accounts; requests during business hours will be processed in less than an hour, while requests outside these hours on business days will be processed on the same day.
Furthermore, early cashout requests made on weekends and holidays will be processed on the following business day. The early cashout service is available to drivers once a day with a transaction fee of NGN15 paid to the bank. The feature is active for existing drivers who have been on the platform for up to two weeks and have completed at least 25 trips without any irregularities.
Bolt continues to set the pace with driver experience initiatives in the ride-hailing sector., industry analysts said.
Before the new payment feature, Bolt had launched a vehicle financing scheme that enables drivers to be their boss by owning a car with low equity repayment.
With over 10,000 drivers on its platform, Bolt provides a safe, reliable, and affordable service for passengers across more than 25 cities in Nigeria.
The Nigerian e-hailing company is a subsidiary of the leading European mobility platform that’s focused on making urban travel more affordable, convenient and responsible.
Bolt has more than 50 million customers in over 40 countries across Europe and Africa. The company offers a range of mobility services, including ride-hailing and car-sharing, micro-mobility with e-scooters and electric bikes, and food and grocery delivery.
All Bolt rides in Europe are 100% carbon-neutral as part of Bolt’s Green Plan, a long-term commitment to reduce the ecological footprint of the company.