Over 1000 Bolt drivers are poised to benefit from Bolt’s asset finance program, slated to be rolled out before the second quarter of this year.
The program aims to provide drivers with access to both electric and diesel-powered vehicles, recognizing the challenges faced by drivers whose incomes have been reduced, particularly those who must remit earnings to a third party.
According to Bolt country manager Linda Ndung’u, the deal, which is in its final stages, will offer financing for two-wheelers and vehicles with a capacity of 1000cc and below. Ndung’u emphasized that such vehicles offer a better return on investment compared to those with larger engine capacities.
“It’s a very exciting development for us at Bolt because we’ve realized that a big portion of our driver partners do not own their vehicles, leading to higher costs as they have to remit a proportion of their earnings to somebody else,” Ndung’u explained.
“So one of the things that we want to do is to actually, maybe in the next quarter or so, have two and four-wheeler vehicles available with very favorable financing terms for our driver partners,” she added.
Bolt has also committed to providing in-trip insurance to cushion their drivers. This insurance will compensate both drivers and riders who sustain injuries during a live trip, reducing the company’s compensation expenses in case of accidents, all at no cost to the driver.
“We have a significant population base that we can support with this product, and we are able to obtain fairer prices for our driver partners, ensuring better value for their money. The expenses will be covered by Bolt as part of our commitment to the safety and well-being of our drivers,” Ndung’u emphasized.
However, amidst these developments, the issue of driver earnings remains a contentious topic. A heated exchange ensued between drivers and Bolt officials over compensation, with drivers also calling for customer verification to address misuse of the hailing application and ensure driver safety.
