Ride hailing company Bolt has partnered with Hakki Africa to allow drivers without their vehicles to acquire 1,500 cars through financing in the next 18 months.

It will apply to Bolt drivers on the platform. They will access lower loan down payments and receive incentives based on their performance.

Bolt General Manager Linda Ndungu said the partnership will enable more drivers to own their vehicles, enhance their earnings, reduce operational costs, and foster a more prosperous driver community.

“Together, we are driving change and ensuring that our drivers can thrive in the ride-hailing industry,” she said.

On her part, Hakki Africa Director Yumeka Abe revealed that local banks have stringent criteria for securing loans, which only a small percentage of the population can meet.

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“Our credit scoring system helps gig-workers, who previously couldn’t access financial services, to establish credit and receive loans. We consider them as essential for Kenya’s economy and its growth,” she said.

“Drivers who take loans from us and can own a car after three and a half years of repayments. Once they pay off the loan, they can increase their net income as drivers, sell the car to start a new business, or pursue other opportunities.”