Ride-hailing platform Bolt has partnered with Hakki Africa, a microfinance company, to provide driver vehicle financing on its platform. This partnership will deploy 1,500 vehicles to qualifying drivers over the next 18 months.
Hakki Africa offers a credit scoring system and fintech solutions that enable taxi drivers, who often lack access to traditional financial services, to secure loans in Kenya. The collaboration with Bolt targets to make vehicle ownership more accessible.
Research shows that African drivers who do not own their vehicles typically earn less. The same study highlights the financial burdens faced by drivers who rent or lease vehicles, with high rental costs and platform fees leaving minimal net earnings.
“At Bolt, we are committed to empowering our drivers by improving their financial stability and overall well-being. Our partnership with Hakki Africa represents a significant step towards achieving this goal by providing accessible and sustainable vehicle financing options,” said Linda Ndungu, General Manager at Bolt Kenya.
Yumeka Abe, Director at Hakki Africa, said, “We are delighted to partner with Bolt to provide quality vehicle financing services to drivers on their platform. Our credit scoring system helps gig workers who previously couldn’t access financial services to establish credit and receive loans. We consider them essential for Kenya’s economy and its growth. Drivers who take loans from us can own a car after three and a half years of repayments. Once they repay the loan, they can increase their net income as drivers, sell the car to start a new business or pursue other opportunities.
