Bolt has partnered with Metro Africa Express (MAX) to expand the Bolt vehicle financing program in Nigeria.
This scheme is part of Bolt’s commitment to enabling ride-hailing drivers to own vehicles with low equity repayment, support and improve earnings for drivers while allowing them to maintain flexibility as vehicle owners.
The programme, which offers an encouraging solution for drivers on the Bolt platform using leased cars via the hire-purchase or rental model, is in partnership with Max Africa, a technology-enabled company that provides access to high-quality vehicles through financing.
The Bolt partnership with MAX inaugurated a lease-to-own framework for e-hailing drivers to own a vehicle on lease and pay in instalments until full ownership is secured.
The agreement with Metro Africa Express allows drivers from the ride-hailing firm to make down payments of as low as 5% depending on their credit score, and pay the balance over five years, according to a statement.
Speaking on the collaboration, Femi Akin-Laguda, Country Manager at Bolt, said, “We launched our vehicle financing scheme early this year to enable drivers to own a car or motorbike with low equity repayment and have decided to expand the scheme to create opportunities for more prospective drivers.
“In partnership with Max Africa, we are looking to expand our commitment to helping drivers on the Bolt platform to earn more and at their own pace, either driving full time or part-time. Drivers are fundamental to our business operations, and it is important to provide solutions that ensure that driving on Bolt is flexible and profitable because improving partner earnings is fundamental to sustaining the trust and loyalty that we have earned over time”.
Also commenting on the partnership, the Chief Executive Officer (CEO) and co-founder of Max.ng, Adetayo Bamiduro, said, “Our vision for African mobility is for shared modes of transportation to become the norm. We strive for a world where people and goods can move in a predictable, safe and efficient way with zero impact on our climate.
“Our partnership with Bolt is perfectly aligned with this goal. We are enthusiastic about transforming the transport sector together, enabled by our innovative and industry-leading mobility and financial services infrastructure.”
Chinedu Azodoh, the co-founder of MAX, commented, “At MAX, we are constantly developing solutions to make travel easier, safer and more pleasing. This is what powers our focus on innovation and strategic partnerships. We are excited about this opportunity to extend these solutions with Bolt further.”
With the first batch of drivers already integrated into the program, Bolt, in partnership with MAX Africa, will continue advancing and easing mobility in Nigeria and empowering the economy with extra earning opportunities for drivers.