Raheem Akingbolu
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.
The offering in Nigeria is part of Bolt’s commitment to improving earnings for drivers while allowing them to maintain flexibility as vehicle owners.
According to a statement issued by the promoters of the brand in Nigeria, the initiative 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.
“This initiative reiterates our continued commitment to helping our drivers earn more as our partners in moving Nigeria,” Bolt Country Manager Femi Akin-Laguda, was quoted to have stated.
“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”.
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 15 per cent mark-up and minimum weekly-instalment payments.
Commenting on the initiative, the CMO for Sterling Alternative Finance, Temiloluwa Desalu, said the management of Sterling Alternative Finance, understood that Nigeria is a predominantly cash-centric society, hence the programme.
According to him, “This sometimes cripples the purchasing power of the average Nigerian and in effect can have a negative impact on our economy.”
