Bolt, Ghana’s premier ride-hailing platform m, has announced the launch of its long-awaited Vehicle Financing Scheme, which will allow drivers to own vehicles with greater flexibility and convenience.
The car financing program, named Bolt Work and Pay, was developed in collaboration with Global Vehicle Sales and Leasing Ltd (GVSL) and will initially be available to existing Bolt drivers who have been on the platform for at least six months.
About the vehicles and the drivers
Drivers can purchase a brand new car through the existence scheme and pay as little as GHS528 per week in week instalments depending on the model they choose. The cost of the automobile, comprehensive insurance for the first year, a GPS tracker, and regular servicing are all included in this weekly payment. Furthermore, there will be no requirement for an initial deposit.
To be eligible, a driver must have earned an average of GHS 7,000 per month for at least three months and have passed the driver verification process.
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“Getting access to vehicles has been a key barrier for drivers in the ride-hailing market,” David Kotei Nikoi, Country Manager, Bolt Ghana, stated during a driver engagement session in Accra. We’ve been progressively developing this scheme for the past year, and we’re thrilled to announce that starting today, it will be easier for our drivers to keep more of their earnings, maintain their freedom, and stay their own bosses.”
How The Current System Works
Drivers will receive increased car branding compensation from Bolt as part of the scheme, which will help them cover some of the loan expenses.
The majority of Ghanaian ride-hailing drivers operate using rented or leased vehicles. To continue utilising the automobiles, drivers must give up at least GHS700 of their weekly earnings. This figure includes the cost of selling the property to the owner, as well as maintenance and insurance. Delivering these money to vehicle owners appears to many drivers to be a regular employment with a boss.
Bolt auto finance system, on the other hand, aims to change that.
“We promised that 2022 would be the year of automobile ownership because we are continually searching for methods to make driving with Bolt more pleasant. This promise is now being realised. Because the “Bolt Work and Pay” system is the future of ride-hailing, the popular Ghanaian expression “Work and Pay” has been redefined, according to Mr. Nikoi.
The vehicle financing strategy was made possible by Bolt cutting-edge driver verification method, which is a requirement for most financial firms. Furthermore, the particular modalities of a driver automobile financing deal will be determined by their creditworthiness.
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Overall, this move, according to David Kotei Nikoi, Country Manager, Bolt Ghana, would allow Bolt to hire additional drivers, increasing service delivery in the cities and villages where the ride-hailing platform operates.
The Lada Granta, Lada Vesta, VW Polo Sedan, Suzuki Swift, Swift Alto, and Kia Picanto are some of the car models available under this scheme.
All eligible drivers in Accra, Kumasi, and Takoradi can inquire about the scheme and apply right now. Drivers in other cities, on the other hand, can only apply once the scheme is accessible in their area.
