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Home Startups Bolt Launched A Financial Scheme That Will Help Drivers On The App Own Vehicles

Bolt Launched A Financial Scheme That Will Help Drivers On The App Own Vehicles

by Vanessa Waithera
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Bolt launched a financial scheme that will help drivers on the app own vehicles.

In case you had no idea, a lot of the drivers who ferry you around do not actually own the cars they drive. If you’ve ever asked one of the Bolt drivers what they’d like as a long-term plan would be to own a car. However, a majority of them do not earn enough to buy a car but now Taxi-hailing firm, Bolt, is partnering with leasing companies with the aim of helping drivers on the app own vehicles.

The idea is to get the drivers into agreements with the leasing companies and the drivers will pay either daily or weekly. If the drivers fail to make their payment Bolt will offer compensation.

The other type of loans.

The other drivers who often end up in trouble are the ones who purchase their loans through the bank and unfortunately would end up facing auctions after defaulting on payments.

The Regional manager Bolt East Africa, Kenneth Micah said:

“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,”

What kind of drivers will be considered?

This will act as a source of motivation especially for hardworking drivers who are most active on the platform, those will be considered first.

“The scheme will be accessible to drivers who have consistent activity on the platform because we are putting our guarantee into it,” Kenneth added.

How much does it cost to be a driver?

Drivers who lease vehicles usually pay KSh 1,500 per day and it usually depends on the type of car and the arrangement as well. The lease program will be financed in part from Kenyan proceeds and from a KSh 78 billion investment fund which was raised recently. Bolt has also ventured to food delivery service which is where part of the money will be injected into.

This will be a good move for drivers who are planning to venture into this business and will be a move in the right direction especially since the COVID-19 and the increased fuel prices.

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