">
TechMoran
  • About Us
  • Deals
  • Jobs
  • Motoring
    • Money
  • Pitch Your Startup
  • Submit Your Post
  • Freelance Gigs
  • Travel
  • Men’s Corner
  • Dating
Saturday, January 23, 2021
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
No Result
View All Result
TechMoran
">
Home Business

Uber & Sidian Bank set aside $100 million to lend to Kenyan driver-partners & investors

Milcah Lukhanyu by Milcah Lukhanyu
5 years ago
in Business, Startups
7 min read
0

13240697_10208009977261510_5449529864995683188_nUber and Sidian Bank have set aside a Ksh 10 billion kitty (USD 100 million) to lend to driver-partners and businesses interested in running their business with Uber.

Dubbed Uber Vehicle Solutions Programme, the initiative is open to both new and already existing drivers to help them get new cars to start or grow their Uber-based businesses. The firm last year launched a similar initiative in South Africa.

Though Uber Kenya recently celebrated 1 million rides taken in Kenya since its launch just 15 months ago. It had been faced with opposition from metered taxi drivers who claimed Uber rides were taking their jobs probably because the system is efficient to both users and drivers.

The loans will now open up ground for local metered drivers to also buy new cars to drive with Uber instead of fighting it. The ground breaking vehicle access initiative includes a vehicle finance component delivered through Sidian Bank and a vehicle leasing solution made available through Zohari Leasing.

According to Nate Anderson, Acting General Manager for Uber in Kenya,“By enabling qualifying driver-partners and investors to afford reliable, high-quality vehicles, Uber is not only helping them to establish and grow their businesses,” Anderson points out, “we are also building an even more sustainable ride-sharing network in Kenya which moves us forward towards achieving our vision of being a first-choice transport solution for everyone in the country.”

13267751_10208009978301536_5777087889163659653_nAnderson explains that, the key to the Vehicle Solutions Programme’s ability to realise this vision is its highly inclusive design that makes it a viable and accessible proposition for the widest possible cross section of existing and prospective Uber driver-partners.

READ  Of Unrequited Brand Loyalty & Customer Bora | The New Loyalty & Reward System by Juliani

Speaking in Nairobi, Sidian Bank’s Chief Executive Officer Titus Karanja noted that this partnership is well aligned to the lender’s mandate to support enterprises to thrive.

Related posts

Free money transfer service Taptap Send launches its services to Kenya

January 22, 2021
0

54gene launches a genome sequencing lab to track infectious and non-communicable diseases prevalent in Nigeria

January 22, 2021
0

Uganda’s Innovex raises funding from Gaia Impact Fund to enable remote monitoring for solar companies

January 22, 2021
0

Aerobotics Raises $17 Million Led by Naspers To Scale AI for Agriculture Globally

January 21, 2021
0

“We are glad to be part of this deal, which is enabling enterprises to grow. In addition to financing, we will also provide technical assistance to the beneficiaries of this arrangement. This deal is part of our efforts to consolidate our new positioning that is focused on enabling individuals to own their tomorrow,” he added.

The vehicle finance component of the programme offers qualifying driver-partners and investors up to 100% finance deals on vehicles priced between Ksh 1 million and Ksh 1.5 million, with a generous 36-month repayment period at a low 10,5% interest rate.

The qualifying criteria for both the finance and leasing options are focused more on the applicant’s proven Uber experience than on his or her credit history. The firm says the primary qualifying requirement is more than 500 trips and an Uber rating of higher than 4.6. We expect speedy uptake of this financing package, with the entrenchment of Uber’s services in Kenya.

Drivers with no experience or track record on the Uber platform have the opportunity to benefit from the Vehicle Solutions Programme because, provided their credit record is in good standing, they can apply for classic financing from Sidian Bank for up to 90% of the purchase price of vehicles that are of sufficient quality and reliability to give them entry into the Uber driver-partner network.

READ  What Is The Cheapest Food Delivery Service?

Uber also launched its UberFinder platform in Kenya as a way to help those drivers and fleet partners not operating on the platform gain access to vehicles that they can use to build up their Uber track record in order to eventually qualify for the Sidian finance or leasing solutions.

“Through the UberFinder system, fleet partners are able to rent their vehicles to drivers on the platform rather than employ full-time drivers,” he explains, “while drivers have a unique opportunity to rent the vehicle they need to gain the required Uber experience needed to eventually qualify to finance their own.”

Readers 1,233

Share

  • Click to share on Telegram (Opens in new window)
  • More
  • Click to share on Tumblr (Opens in new window)
  • Click to print (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Pocket (Opens in new window)

Like this:

Like Loading...

Related

Milcah Lukhanyu

Milcah Lukhanyu

Milcah Lukhanyu covers daily news briefs at TechMoran. She is the person who will probably read your press release and get the story out of it or totally trash it. Send tips to [email protected]

Related Posts

Startups

Free money transfer service Taptap Send launches its services to Kenya

January 22, 2021
0
Health

54gene launches a genome sequencing lab to track infectious and non-communicable diseases prevalent in Nigeria

January 22, 2021
0
Startups

Uganda’s Innovex raises funding from Gaia Impact Fund to enable remote monitoring for solar companies

January 22, 2021
0
Startups

Aerobotics Raises $17 Million Led by Naspers To Scale AI for Agriculture Globally

January 21, 2021
0
Startups

Tanzanian money remittance startup NALA is launching in the UK

January 21, 2021
0
Startups

Startup Guide to release of Startup Guide Nairobi

January 21, 2021
0
Business

Customer Service Lessons From Leading Brands Including CarGuard’s Trevor Smith

January 21, 2021
0
Cheerful young businessman in round spectacles and formal wear, checks newsfeed on modern smart phone, connected to wireless internet, has happy look as recieves positive news from colleagues
Startups

TransUnion partners SA’s financial marketplace, Fincheck, to make the credit application process easier and less frustrating

January 20, 2021
0

https://bit.ly/2VOxuoBhttps://bit.ly/2VOxuoBhttps://bit.ly/2VOxuoB
ADVERTISEMENT

Join our Mailing List

Loading

Recent Posts

Top 5 Skills That Modern Software Developers Need to Have

January 22, 2021

Why Bernie Sanders Is A Trending Meme

January 22, 2021

What Software Developers Need to Know About Burnout

January 22, 2021

Which Tech Companies Are Employee Owned and Why?

January 22, 2021

Free money transfer service Taptap Send launches its services to Kenya

January 22, 2021
">
">

Follow Us

">

There are many sites out there focused on blowing off some steam, from funny entertainment to thrilling experiences like playing online, in some cases online gaming could grant you the chance to win extra money. We came across rocketpot.io while browsing for a good btc casino online and it left us a very good impression with their wide variety of games and crypto offering.

Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy

© 2019 Moran Media Group - All rights reserved TechMoran.

No Result
View All Result
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition

© 2019 Moran Media Group - All rights reserved TechMoran.

Login to your account below

Forgotten Password? Sign Up

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
%d bloggers like this: