By ELIZABETH KIVUVA
SUMMARY
- Digital taxi-hailing platform Bolt is set to help drivers own cars through a vehicle financial scheme with leasing companies.
- Bolt Kenya has said it is in talks with several vehicle leasing companies to import the cars then enter into a deal with drivers to pay an agreed amount either daily or weekly.
- Digital taxi-hailing platform Bolt is set to help drivers own cars through a vehicle financial scheme with leasing companies.
- Bolt Kenya has said it is in talks with several vehicle leasing companies to import the cars then enter into a deal with drivers to pay an agreed amount either daily or weekly.
Digital taxi-hailing platform Bolt is set to help drivers own cars through a vehicle financial scheme with leasing companies.
Bolt Kenya has said it is in talks with several vehicle leasing companies to import the cars then enter into a deal with drivers to pay an agreed amount either daily or weekly.
The company will help compensate the firm when a driver fails to pay the instalments as agreed.
The move is seen as an alternative financing model in the ride-hailing industry where the bank financing option has seen high auction rates due to default.
“Most of the drivers in our pool do not own vehicles even after three years of our operation in Kenya.
“We are speaking with fleet owners to incur the costs and get cars in nice conditions then enter into a lease-to-own agreement with the drivers,” said Kenneth Micah, regional manager Bolt East Africa.
“The scheme will be accessible to drivers who have consistent activity on the platform because we are putting our guarantee into it.”
Most of the drivers in the taxi industry lease the vehicles at Sh1,500 per day depending on owner and model, with a smaller proportion of them owning vehicles.
Similar system
Bolt’s lease scheme will be partly financed through Kenyan proceeds from Sh78 billion investor funds recently raised and imitate a similar system introduced in Nigeria.
Part of the funds will also be spent on expanding the company’s network of ride-hailing services, food delivery and micro-mobility through bikes.
Drivers of taxi-hailing platforms have complained of reduced earnings in the wake of high fuel prices and restrictions such as nigh-time curfew meant to curb the spread of the Covid-19 pandemic.
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