NAIROBI, Kenya, Aug 20 – Bolt has entered into a deal with Hakki Africa, a microfinance company, to allow drivers without their own vehicles to acquire 1,500 cars through financing.
It will apply to Bolt drivers on the platform and will be implemented over a period of 18 months.
Under the program, drivers will access lower loan down payments as well as receive incentives based on performances.
“This collaboration will not only enable more drivers to own their vehicles but also enhance their earnings, reduce operational costs, and foster a more prosperous driver community. Together, we are driving change and ensuring that our drivers can thrive in the ride-hailing industry,” Linda Ndungu, General Manager, Rides, said.
Research indicates that ride-hailing drivers in Africa who do not own their vehicles typically earn less compared to those who do. The rental costs, along with platform commission fees, often leave drivers with minimal net earnings.
In developing countries such as Kenya, many people struggle to access financial services due to a lack of credit.
Local banks have stringent criteria for securing loans, which only a small percentage of the population can meet.
“Our credit scoring system helps gig-workers, who previously couldn’t access financial services, to establish credit and receive loans. We consider them as essential for Kenya’s economy and its growth,” Yumeka Abe, Director at Hakki Africa, said.
“Drivers who take loans from us and can own a car after three and a half years of repayments. Once they pay off the loan, they can increase their net income as drivers, sell the car to start a new business, or pursue other opportunities.”
