Bolt, one of Africa’s leading ride-hailing company has launched a car financing aid for Nigerian drivers.
The company announced a partnership with Metro Africa Express (MAX) – a platform holding one of the highest car subscriptions of low to zero-emission cars in Africa – to finance ride-hailing drivers.
The collaboration aims to increase the output of Nigerian drivers by providing access to valuable services such as low-to-zero emission cars, licenses and permits, affordable health coverage, insurance, and other value-added financial services.
The initiative by Bolt will support and increase earnings for ride-hailing drivers, who will be able to own cars with a low equity repayment offer. It will also give the drivers the freedom to maintain flexibility as car owners.
The Bolt partnership with MAX will model the hire-purchase or the rental process using leased cars. A lease-to-own structure will be available, allowing ride-hailing drivers to rent a car and pay for it in installments. When the payment is complete, the driver takes full ownership of the vehicle.
“We launched our vehicle financing scheme early this year to enable drivers to own a car or motorbike with low equity repayment and have decided to expand the scheme to create opportunities for more prospective drivers. In partnership with Max, we are looking to expand our commitment to helping drivers on the Bolt platform to earn more and at their own pace, either driving full-time or part-time. Drivers are fundamental to our business operations, and it is important to provide solutions that ensure that driving on Bolt is flexible and profitable because improving partner earnings is fundamental to sustaining the trust and loyalty that we have earned over time,” explained Femi Akin-Laguda, the Country Manager at the event of the collaboration.
“Our vision for African mobility is for shared modes of transportation to become the norm. We strive for a world where people and goods can move in a predictable, safe, and efficient way with zero impact on our climate. Our partnership with Bolt is perfectly aligned with this goal. We are enthusiastic about transforming the transport sector together, enabled by our innovative and industry-leading mobility and financial services infrastructure,” said Adetayo Bamiduro CEO and co-founder of MAX.
“At MAX, we are constantly developing solutions to make travel easier, safer, and more pleasing. This is what powers our focus on innovation and strategic partnerships. We are excited about this opportunity to extend these solutions with Bolt further,” commented Chinedu Azodoh, co-founder of MAX.
After successfully incorporating the first batch of drivers into the program, Bolt in collaboration with MAX is committed to empowering drivers by offering inexpensive, and reliable transportation options.