Connect with us

Auto

Bolt Introduces Interest-Free Vehicle Financing Scheme

Published

on

Bolt Vehicle Financing Scheme

By Dipo Olowookere

A vehicle financing scheme that will enable drivers in Nigeria to own a car with low equity repayment for about four years with no interest has been introduced by Africa’s leading ride-hailing platform, Bolt.

The vehicle financing programme was made possible through Bolt’s operative verification of driver identities and extensive data on driver activities in partnership with Sterling Bank’s Alternative Finance.

The initiative will provide a better alternative for drivers who currently lease a car via the hire-purchase or rental model to drive on the Bolt platform.

A statement from the firm described this first-of-its-kind offering in Nigeria as part of its commitment to improving earnings for drivers while allowing them to maintain flexibility as vehicle owners.

“This initiative reiterates our continued commitment to helping our drivers earn more as our partners in moving Nigeria,” Bolt Country Manager, Mr Femi Akin-Laguda, was quoted as saying.

Business Post reports that in the pilot phase, existing Bolt drivers who meet specific performance benchmarks while driving with Bolt will be prioritised for vehicle financing.

These drivers will be able to enjoy upfront equity contributions as low as a 15 per cent mark-up and minimum weekly-instalment payments.

Other benefits from the plan may include a monthly fuel card, comprehensive insurance and vehicle tracking for new and pre-owned cars with a three to a four-year repayment plan.

“Our drivers are vital to our business operations, and improving the earnings of every driver is fundamental to keeping the trust and loyalty that we have earned over the last couple of years,” Mr Akin-Laguda stated.

“As we expand our presence into more cities across the country, it is important to provide solutions that ensure working with Bolt is more flexible and profitable for drivers, which inherently improves the overall experience for our riders as well.

“More importantly, the vehicle financing programme will enable drivers to earn at their own pace either driving full time or part-time,” he added.

On her part, the Chief Marketing Officer (CMO) of Sterling Bank, Ms Temiloluwa Desalu, said, “We are very excited to be partnering with Africa’s leading ride-hailing platform, Bolt, to bring this service to their drivers, and we are confident of a long-lasting and truly rewarding alliance.”

“At Sterling Alternative Finance, we understand that Nigeria is a predominantly cash-centric society; this sometimes cripples the purchasing power of the average Nigerian and in effect can have a negative impact on our economy.

“Our mission is to improve the quality of life of Nigerians by providing a more sustainable, flexible, and convenient way to own vehicles.

“Through the Alt drive platform, Nigerians can now purchase new or pre-owned vehicles and pay steadily over a convenient number of years at no interest,” she added.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

Auto

Interswitch Digitises Nigeria’s Interstate Travel With Ticket Vending Platform

Published

on

Interswitch

By Modupe Gbadeyanka

Nigeria’s interstate transport ecosystem has been digitalised by the introduction of a ticket vending platform by one of Africa’s leading integrated payments and digital commerce companies, Interswitch.

This comprehensive digital solution was designed to transform ticketing, streamline operations, and enhance service delivery.

At the core of the solution is a secure, token-based system that allows travellers to purchase digital tickets across multiple channels, including web, mobile, and dedicated point-of-sale (POS) devices deployed at transport terminals.

These tokens serve as verifiable digital vouchers, which are validated and redeemed at boarding points, significantly reducing inefficiencies associated with manual ticketing, cash handling, and fragmented sales processes.

It was developed as both an operational management system and a digital marketplace to allow transport operators, particularly small and medium-scale businesses, to digitise their end-to-end processes while connecting to a broader customer base through the Quickteller ecosystem.

With this innovation, operators can seamlessly create and manage routes, oversee terminal activities, track sales, and access real-time performance insights from a single, centralised platform.

It also introduces a marketplace experience that enables travellers to search, compare, and select transport options across multiple operators based on routes, schedules, and pricing. This not only simplifies journey planning but also promotes transparency and choice for commuters.

The platform also supports corporate and institutional users by enabling bulk token purchases, offering a flexible and efficient solution for organisations managing employee or group travel.

In addition, it delivers value to regulators and stakeholders within the transport ecosystem by providing access to structured data and actionable insights that can support oversight, licensing, and consumer protection efforts.

“Transportation remains a critical backbone of Nigeria’s economy, yet much of the sector still operates with fragmented systems and manual processes that limit efficiency and growth.

“With the Ticket Vending Platform, we are introducing a scalable digital infrastructure that empowers transport operators to modernise their operations, expand their reach, and deliver a more seamless experience to travellers.

“Beyond ticketing, this is about creating a connected ecosystem, one that brings together operators, commuters, and regulators on a unified platform, while driving transparency, efficiency, and long-term value across the industry,” the Managing Director for Industry Ecosystems at Interswitch, Ms Chinyere Don-Okhuofu, said.

Continue Reading

Auto

FRSC, Brewery Companies Renew Pact to Tackle Drink-Driving

Published

on

FRSC Brewery Companies

The Federal Road Safety Corps (FRSC) has renewed a strategic partnership with major brewing companies in Nigeria to intensify efforts against drunk driving and improve road safety nationwide.

The renewed Memorandum of Understanding (MoU), signed with members of the Beer Sectoral Group (BSG), extends the collaboration for another five years, with both sides pledging to deepen public awareness, enforcement and community engagement.

FRSC Corps Marshal, Shehu Mohammed, said the partnership underscores the importance of synergy between government and the private sector in addressing road crashes, particularly those linked to alcohol consumption.

He stressed that saving lives on Nigerian roads requires sustained collaboration, adding that the corps would continue to work with industry players to promote responsible behaviour among motorists.

Speaking on behalf of the BSG, Managing Director of Nigerian Breweries Plc and Chairman BSG, Thibaut Boidin, said the renewal reflects the industry’s commitment to sustained collaboration with regulators. He cited previous joint campaigns, including the Don’t Drink and Drive Campaign, as impactful, adding that the next phase would focus on expanding reach and strengthening implementation.

Also speaking, the Managing Director of Guinness Nigeria, Girish Sharma, said the industry remains committed to supporting initiatives that promote safer roads. He noted that while alcoholic beverages are often blamed for road crashes, the real issue lies in irresponsible consumption, particularly drinking and driving.

“We are here to work with you and ensure that this programme grows bigger and delivers real impact. Saving lives is what matters most,” he said.

Similarly, the chief executive of International Breweries Plc, Mr Nicholas Kade, commended the FRSC for its dedication, describing the corps’ efforts as critical to making communities safer. He said the brewing industry would continue to support initiatives that promote responsible drinking and road safety.

The Executive Director of the Beer Sectoral Group, Ms Abiola Laseinde, described the renewal as a milestone in public-private collaboration.

She said the partnership had driven nationwide campaigns against drunk-driving, influenced behaviour and reached millions of Nigerians with road safety messages.

Ms Laseinde added that both parties would scale up interventions in the next five years to further reduce crashes and promote responsible alcohol consumption.

The FRSC and BSG’s partnership has been central to national campaigns discouraging drunk-driving, with stakeholders expressing optimism that the renewed agreement will deliver stronger outcomes.

Continue Reading

Auto

NRS Denies Introduction of New Vehicle Tax from July 1

Published

on

new vehicle tax

By Modupe Gbadeyanka

The Nigeria Revenue Service (NRS) refuted reports making the rounds on social media that the federal government plans to introduce a new tax on vehicles from July 1, 2026.

Mr Dare Adekambi, who serves as the Special Adviser to the NRS Chairman, Mr Zach Adedeji, and spokesperson for the organisation, said in a statement that the government was not planning to introduce the vehicle tax as claimed.

He described a viral infographic purporting the policy as false and misleading, urging members of the public to disregard it.

Mr Adekambi advised citizens to only rely on information from the NRS, urging them to follow the company its official handles on all social media platforms and its website for accurate information about tax and its activities.

In the infographic, motorists were directed to pay an unspecified vehicle tax rate online or at approved banks and agencies. The website listed as NRS’s was the old one, http://www.firs.gov.ng and not the new http://www.nrs.gov.ng created after it was rebranded.

“The NRS wishes to state categorically that the information did not emanate from the service or any government agency.

“Citizens are, therefore, advised to disregard the fabricated messages designed to mislead the public and instead rely on official government channels for information on government policies,” Mr Adekambi said in the statement.

Continue Reading

Trending