Uber, First bank partner to empower drivers

YOU know Uber, the  technology company that has  revolutionised taxi business the world over is partnering First Bank of Nigeria Plc to empower drivers through vehicle financing scheme.

  Uber Nigeria’s General Manager, Ebi Atawodi, disclosed that   under the scheme First Bank will extend a N2.5 million loan ($7,930) to each qualified driver for the purchase of a second-hand car at an interest rate of 20 percent and repayable after two years, she said.

To qualify for the loan, the driver will need to  demonstrate an average driver-performance rating of higher than 4.5 and have earned more than 2.4 million naira in the past six months.

This scheme will allow drivers to access used-car loans from an interest rate of just 20%per annum over a 24 month repayment period.

Alternative offers for used-vehicle finance on the Uber Vehicle Solutions Programme will attract 22% per annum, with a maximum repayment term of 36 months. What you might not know is that a lot of Nigerian Uber drivers on the platform cannot afford to buy such vehicles themselves, and so have to find somebody else to do so.

“Considering the tough economic conditions, this situation is a difficult one for our driver-partners. This is why the Nigerian Unit has joined hands with First Bank to empower drivers under the scheme.

“We are absolutely committed to making it as easy as possible for our driver-partners to start and maintain their businesses and these used vehicle finance options make it possible for those with a demonstrable performance commitment to build sustainable businesses without incurring the high costs often associated with new vehicle purchases.”

According to her:

“The growing suite of vehicle finance, business and lifestyle solutions that Uber Nigeria is making available to driver-partners and other business investors reaffirms our commitment to supporting and partnering with them to ensure their success, not just in terms of helping them to increase their income and profits, but more importantly by affording them every opportunity to truly transform their lives by establishing and expanding viable and sustainable businesses of their own.”

“By linking these solutions to the performance of our driver-partners, we further increase their chances of long-term business success, while at the same time building a network of transport professionals that Nigerians know they can trust to get them to their destinations safely and comfortably,” she added.

Vanguardngr