Nigeria: Bolt Launches Vehicle Financing Programme for Drivers in Nigeria

18 June 2021

Africa's leading ride-hailing platform, 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.

"This initiative reiterates our continued commitment to helping our drivers earn more as our partners in moving Nigeria," says Bolt Country Manager Femi Akin-Laguda.

"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% 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.

"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. 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." Temiloluwa Desalu, CMO for Sterling Alternative Finance

"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 continues to provide opportunities for people in emerging markets, ensuring that more drivers have access to its platform to earn more, especially in developing economies. With more than 10,000 drivers, Bolt remains a leader in providing earning opportunities across Nigeria while providing safe, reliable, and affordable transportation options. This vehicle financing scheme is in collaboration with AltDrive.

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