Uber Kenya to provide loans for Kenyan taxi drivers to grow their business.

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Just recently, Kenyan taxi drivers were up in arms following increased business shift to modern taxi hailing company Uber. One of the major issue was eligibility in partnering with Uber Kenya, that only cars under 8 years would be qualify, a character most taxi cars luck.

Uber seems to have slept on that thought and is now providing convenient and affordable access to the quality vehicles they need to start or grow their Uber-based businesses.

In partnership with Centum Investment Group, through its subsidiaries, Sidian and Zohari, the taxi hailing company is willing to invest 10 billion over the next three years.

All qualifying driver- partners will be given up to 100% finance deals on vehicles priced between Ksh 1 million and Ksh 1.5 million, with a set repayment period and interest. However, the rules change and ratings will now be the most important thing for these drivers; the primary qualifying requirement is more than 500 trips and an Uber rider rating of higher than 4.6.

The qualifying criteria for both the finance and leasing options are focused more on the applicant’s proven Uber experience than on their credit history.

New Uber Drivers

Drivers with no experience or track record on the Uber platform have the opportunity to benefit from the Vehicle Solutions Programme. Provided their credit record is in good standing, they can apply for classic financing from Sidian Bank for up to 90% of the purchase price of vehicles that are of sufficient quality and reliability to give them entry into the Uber driver-partner network.

The Vehicle Solutions Programme follows similar offerings that have recently been launched by Uber in partnership with WesBank, with great success in South Africa as well as in a number of international locations where Uber has a presence.

 “By enabling qualifying driver-partners and investors to afford reliable, high-quality vehicles, Uber is not only helping them to establish and grow their businesses, we are also building an even more sustainable ride-sharing network in Kenya which moves us forward towards achieving our vision of being a first-choice transport solution for everyone in the country.” Said Nate Anderson, General Manager, Uber Kenya.

Uber could also be looking at ride sharing, car pooling and other forms of services offered by taxi hailing companies.

 

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Melissa Daniels
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