Uber and Sidian Bank have launched an initiative that will give investors and driver-partners affordable access and convenience to start or grow their Uber-based businesses.
“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,” said Nate Anderson, Acting General Manager, Uber Kenya, “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.”
The initiative consists of a finance component through Sidian Bank and vehicle leasing solution through Zohari Leasing.
The finance component offers up to 100 per cent finance deals on vehicles priced between Ksh1 million ($10, 000) and Ksh1.5 million ($15, 000) with a 36 month repayment period at 10.5 per cent interest rate.
Sidian Bank’s CEO Titus Karanja said, “We are glad to be part of this deal, which is enabling enterprises to grow. We will also provide technical assistance to the beneficiaries of this arrangement.”
Drivers without experience or track record on the Uber platform can also benefit from the programme provided their credit record is in good standing, with Sidian Bank offering them up to 90 per cent financing of the purchase price of quality and reliable vehicles to enter into Uber’s driver-partner network.
Uber has also launched UberFinder to help drivers and fleet partners not on the platform to access vehicles they can use to build up theirUber track record before qualifying for Sidian finance or leasing through Zohari.
“Through UberFinder, fleet partners are able to rent their vehicles to drivers on the platform rather than employ full-time drivers,” Anderson added. “While Uber drivers have a unique opportunity to rent the vehicle they need to gain the required Uber experience needed to eventually qualify to finance their own.”
The Uber Vehicle Solutions Programme in Kenya is similar to one recently launched by Uber and WesBank in South Africa.
It is valued at $100 million.