Bolt, Africa’s leading ride-hailing platfrom, has launched a vehicle financing programme that will enable drivers to own a car with low equity repayment.
This is the first-of-its-kind offering in Nigeria which restates 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.
To this end, 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.
Speaking on the development, Bolt Country manager, Femi Akin-Laguda, explained that the initiative reiterates Bolt commitment to helping drivers earn more as our partners in moving Nigeria forward.
He said: “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.”
Stressing that the existing Bolt drivers who meet specific performance benchmarks with Bolt will be prioritised for vehicle financing, he added that, these drivers will be able to enjoy upfront equity contributions as low as a 15% mark-up and minimum weekly-installment 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.
Chief marketing officer(CMO) for Sterling Alternative Finance, Temiloluwa Desalu, said: “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.”
“At Sterling Alternative Finance, we understand that Nigeria is a predominantly cash-centric society; this sometimes cripples the purchasing power of the average Nigerian and in effect can have a negative impact on our economy,” Desalu stressed.