One of Africa’s leading ride-hailing platforms, Bolt, has launched a vehicle financing programme that will enable drivers to own a car with low equity repayment.
This first-of-its-kind offering in Nigeria is part of Bolt’s commitment to improving earnings for drivers while allowing them to maintain flexibility as vehicle owners.
The vehicle financing programme was made possible through Bolt’s operative verification of driver identities and extensive data on driver activities in partnership with Sterling Bank’s Alternative Finance. The programme will provide a better alternative for drivers who currently lease a car via the hire-purchase or rental model to drive on the Bolt platform.
According to Bolt Country Manager, Femi Akin-Laguda, the new initiative by the Tallinn-based company reiterates its continued commitment to helping its drivers earn more as its 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,” Akin-Laguda said.
Read Also: Business Roundtable set to host Youth Entrepreneurship Summit in Oyo
As Bolt expands its presence into more cities across the country, Akin-Laguda said 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 its 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”.
In the pilot phase, existing Bolt drivers who meet specific performance benchmarks while driving with Bolt will be prioritised for vehicle financing. These drivers will be able to enjoy upfront equity contributions as low as a 15percent mark-up and minimum weekly instalment payments. Other benefits from the plan may include a monthly fuel card, comprehensive insurance and vehicle tracking for new and preowned cars with a three to four-year repayment plan.
According to the CMO for Sterling Alternative Finance, Temiloluwa Desalu, Sterling Alternative Finance understands that Nigeria is a predominantly cash-centric society; this sometimes cripples the purchasing power of the average Nigerian and in effect can hurt the economy.
“Our mission is to improve the quality of life of Nigerians by providing a more sustainable, flexible, and convenient way to own vehicles. Through the Alt drive platform, Nigerians can now purchase new or pre-owned vehicles, pay steadily over a convenient number of years at no interest,” Desalu said.
The CMO added that Sterling Alternative Finance was excited to be partnering with Bolt, to bring the service to their drivers, and “we are confident of a long-lasting and truly rewarding alliance.”
With more than 10,000 drivers across several cities in Nigeria, Bolt remains one of the leaders in providing earning opportunities across the country while providing safe, reliable, and affordable transportation options. This vehicle financing scheme is in collaboration with AltDrive.
Bolt has continued to provide opportunities for people in emerging markets, ensuring that more drivers have access to its platform to earn more, especially in developing economies.
Bolt is the leading European mobility platform focused on making urban travel more affordable, convenient and responsible. It has more than 30 million users in over 35 countries across Europe and Africa. Its services range from ride-hailing to micro mobility with e-scooters and electric bikes to food and package delivery.
