Lucrative deal to provide 1,500 cars for Bolt Drivers without cars.
Bolt has teamed up with Hakki Africa to offer financing for 1,500 cars to drivers who don't own their vehicles. The program, set to roll out over 18 months, provides lower down payments and performance-based incentives, aiming to boost vehicle ownership and driver earnings. Bolt and Hakki Africa have launched a new financing program to help Bolt drivers acquire cars. Over 18 months, drivers will benefit from lower down payments and incentives, improving their earnings and reducing operational costs.
Bolt has partnered with Hakki Africa, a microfinance company, to help drivers who don’t own vehicles acquire up to 1,500 cars through financing. This initiative will be available to Bolt drivers on the platform and will roll out over the next 18 months.
The program offers lower down payments for loans and performance-based incentives for drivers. Linda Ndungu, General Manager of Rides at Bolt, highlighted that this partnership aims to increase vehicle ownership among drivers, enhance earnings, reduce operational costs, and support a thriving driver community.
Research shows that ride-hailing drivers in Africa who do not own their vehicles typically earn less compared to those who do. High rental costs and platform commission fees often lead to lower net earnings.
In Kenya, accessing financial services can be challenging due to stringent bank loan criteria. Hakki Africa’s credit scoring system aims to help gig-workers, who have previously struggled to obtain loans, build credit and access financing. Yumeka Abe, Director at Hakki Africa, mentioned that drivers who take out loans through this program can own their cars after three and a half years of repayment. Once the loan is paid off, drivers can benefit from increased income, sell the car to start a new business, or explore other opportunities.
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