With unemployment rates at about 33% and inflation figures at almost 20%, Nigerians continue to pursue alternative ways to earn and increase income. Joining ride-hailing platforms as driver-partners has been one of the reliable ways to earn money in Nigeria even though the cost of owning and maintaining a car is high. Many e-hailing drivers get cars through hire-purchase agreements that often require them to pay a significant amount a week, amidst the expense of vehicle maintenance. This outrageous condition requires some drivers to work extra hours to meet up the weekly payments.
Recently, Bolt launched a Vehicle financing scheme to enable drivers to own a car with as low as a 15% equity repayment plan. This was initiated to make life easier for drivers, increase employment rates and subsequently improve the economy. With the Bolt Vehicle financing scheme, drivers can get a car for as low as ₦15,000 weekly instalments, in addition to comprehensive insurance and vehicle tracking support.
The Vehicle financing scheme is the first of its kind in Nigeria and will help drivers maintain flexible work hours while increasing their income. For the initial period, the programme will be available to existing Bolt drivers who have reached specified benchmarks. Also, equity and repayment amounts will depend on the driver’s creditworthiness. The scheme has been made possible through Bolt’s driver verification process and was initiated in partnership with AltDrive, powered by Sterling Alternative Finance, to improve drivers’ earnings.
Why is this important?
The Vehicle Financing programme will help ride-hailing drivers solve the hire-purchase challenge. The Bolt scheme also serves as a more affordable journey to car ownership for the drivers. It is also a positive drive for the Nigerian economy by boosting average Nigerians’ daily savings and income who have taken to e-hailing to earn income.
What else is Bolt doing?
Bolt continues to fulfil its commitment to its drivers and the public’s overall social and economic welfare. The platform has recently improved safety measures on its platform with its new Voice over Internet Protocol (VoIP) feature. The in-app calling feature enables riders and drivers, utilise line regular phone services over the internet, eliminating the cost of regular phone calls. In addition, the VoIP feature adds an extra layer of safety and privacy in communication, ensuring that riders engage with drivers without disclosing contact information.