Bolt, a leading ride-hailing company in Nigeria, has introduced a new initiative offering short-term loans to drivers on its platform. This development, in partnership with credit technology company Advancly, aims to support drivers' financial needs by providing up-front earnings and boosting their productivity.

The loan scheme will initially be launched in Lagos and Abuja in a beta phase. Lolia Kienka, Advancly’s Country Manager for Nigeria, emphasized that this strategic collaboration represents a significant milestone in offering sustainable financial options to gig economy workers. It underscores both companies' commitment to empowering individuals to manage their finances independently.

“We are thrilled to embark on this journey with Bolt Nigeria and bring our innovative credit solutions to their extensive network of drivers. The gig economy is shaping the future of business for independent workers, and this partnership reaffirms our commitment to enabling entrepreneurs to grow on their own terms by providing them with access to credit,”

said Kienka.

The Advancly Team

Details of the Bolt and Advancly Loan Partnership

Through this partnership, Bolt aims to ensure that drivers who consistently earn on its platform have seamless access to Advancly’s credit solutions. This integration will streamline the borrowing process, offering a hassle-free experience and access to low-interest, short-term loans for pressing expenses such as fuel and vehicle maintenance. Ultimately, this will empower drivers to enhance their services and increase their income.

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A Bolt spokesperson explained that eligibility for the loan is based on the drivers' reward levels, which include Silver, Gold, and Platinum tiers. Drivers' reward levels are determined by the number of rides completed each month. Higher reward levels allow drivers to borrow larger amounts.

Yahaya Mohammed, Country Manager at Bolt

Drivers can check their reward levels in the rewards section of the driver app, which also displays the monthly ride targets needed to achieve each level. Meeting the target for a particular month qualifies drivers for the corresponding benefits in the following month.

Loan Repayment Terms

Regarding repayment conditions, the spokesperson noted that fuel credit loans have a one-week repayment period, while vehicle repair loans have longer repayment terms, typically requiring weekly instalments. These conditions are designed to accommodate the varying needs and financial capacities of the drivers.

Supporting Drivers' Financial Stability

Yahaya Mohammed, Country Manager at Bolt Nigeria, highlighted the broader goals of the scheme.

“We recognize the vital role that financial stability plays in the lives of our drivers. In addition to our platform, we are excited to offer them additional resources that will help them manage their finances, provide exceptional services to riders, and ultimately grow their businesses with Bolt,”

he said.

This initiative reflects Bolt’s dedication to supporting its drivers and enhancing their financial well-being, further solidifying its position as a key player in the gig economy.