Bolt has announced a strategic partnership with microfinance company Hakki Africa to offer vehicle financing for its drivers. This collaboration aims to deploy 1,500 vehicles over the next 18 months to drivers on Bolt’s platform who meet specific criteria. The initiative will allow driver partners to benefit from lower loan down payments and performance-based incentives, making vehicle ownership more attainable.
Hakki Africa, known for its credit scoring system and fintech solutions, will facilitate loans for taxi drivers who typically have limited access to traditional financial services in Kenya. This partnership is set to enhance accessibility to vehicle financing for both new and existing drivers on Bolt’s platform, thereby expanding opportunities for vehicle ownership and financial stability.
Linda Ndungu, General Manager of Rides at Bolt, highlighted the company’s commitment to improving drivers’ financial stability and overall well-being. She emphasized that the partnership with Hakki Africa is a significant step toward providing sustainable and accessible vehicle financing options. This collaboration is expected to enable more drivers to own vehicles, boost their earnings, reduce operational costs, and build a more prosperous driver community.
Yumeka Abe, Director at Hakki Africa, noted that the partnership will offer quality vehicle financing services to Bolt drivers. Hakki Africa’s credit scoring system is designed to help gig workers, who traditionally struggle with accessing financial services, establish credit and secure loans. Abe emphasized the impact of this initiative on Kenya’s economy, allowing drivers to potentially increase their net income, sell their cars for new business ventures, or pursue other opportunities after repaying their loans.
The collaboration between Bolt and Hakki Africa represents a transformative approach to driver empowerment within the ride-hailing industry. By addressing financial barriers and offering practical solutions for vehicle ownership, the partnership is set to drive positive change and support the growth of Kenya’s gig economy.
Through this innovative partnership, both Bolt and Hakki Africa are working together to ensure that drivers can thrive and contribute significantly to the economy, fostering long-term success and stability within the ride-hailing sector.
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