Bolt launches vehicle financing for Nigerian Drivers
Ride-hailing platform, Bolt, has launched a vehicle financing program in Nigeria 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 the earnings of their drivers while allowing them to maintain flexibility as vehicle owners.
The vehicle financing program 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 program 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.
Commenting on the flag-off of the vehicle financing program, Bolt Country Manager, Femi Akin-Laguda said the initiative was to enable their drivers to earn more as partners.
“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.
More importantly, the vehicle financing program will enable drivers to earn at their own pace either driving full time or part-time,” he concluded.
He added that during the pilot phase, drivers who meet certain performance benchmarks while driving with Bolt will be prioritized for the vehicle financing program.
Drivers who qualify for the program will be able to enjoy upfront equity contributions as low as 15% markup and minimum weekly installment payment. Other benefits include a monthly fuel card, comprehensive health insurance, and vehicle tracking for new and preowned cars with a three to four-year repayment plan.
Temiloluwa Desalu, CMO for Sterling Alternative Finance said, “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 harm our economy.”
“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 says its mission is to improve the quality of life of Nigerians by offering a more sustainable, flexible, and convenient way to own vehicles. Nigerians can now purchase a new or pre-owned vehicle through the Alt platform and pay steadily over a convenient number of years without an interest rate.