Leading ride-hailing platform, Bolt has partnered with Metro Africa Express- (MAX) – the largest vehicle subscription platform for low-to-zero emission vehicles in Africa – 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 solutions for drivers on the Bolt platform using leased cars via the hire-purchase or rental model, is in partnership with MAX. The Bolt partnership with MAX will launch a lease-to-own framework for e-hailing drivers to lease a vehicle and pay in instalments until full ownership is secured.
The partnership will also enable Nigerian drivers to increase their efficiency by accessing a variety of value-add services including access to low-to-zero emission vehicles; licenses and permits, insurance; affordable health coverage, and other financial products.
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, 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.”
Chief Executive Officer and co-founder of MAX, 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, will continue advancing and easing mobility in Nigeria and empowering the economy with extra earning opportunities for drivers.
Bolt is the first European super-app with the mission to make urban mobility more affordable, safe, and sustainable. Bolt has 75 million customers in 45 countries across Europe and Africa. The company offers a range of mobility services, including ride-hailing, shared cars and scooters, and food and grocery delivery.
Images can be found: Bolt press kit
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MAX is building the largest vehicle subscription platform for low to zero-emission vehicles in Africa. The subscription product includes credit and OEM services that drivers opt into. MAX developed a proprietary credit engine that uses alternative data to provide credit scores and subscription access to previously unbanked drivers.
MAX has scaled from 200 to over 60,000 prospective drivers looking for vehicle subscriptions and other mobility services on its platform within the last two years.
MAX has raised more than $40m in venture funding. MAX’s mission is to make mobility safe, affordable, accessible and sustainable through the deployment of high-performance technology and operators.
MAX aims to serve a market of 14 million drivers across Africa’s $250 billion mobility industry.
By Mohammed Farouk