Taxi hailing service, Uber Kenya has announced a partnership with Kenyan commercial bank, Sidian Bank to launch its vehicle solutions programme
Through the programme, existing and prospective driver-partners and business investors will get convenient and affordable access to the vehicles they need to start and strengthen their business.
The partnership will see the creation of a vehicle financing solution through Sidian Bank, which will allocate about US$100mn to the funding of Uber driver-partner vehicles across Kenya over the next three years. Also, a vehicle leasing solution will be created through Zohari leasing.
The criteria for drivers to be eligible for the programme are the driver’s established earnings and quality record with Uber. They will qualify if their Uber app rating is more than 4.6 and have completed more than 500 trips. Drivers without experience or a track record on their Uber platform can also benefit from the programme provided their credit record is in good standing. Sidian Bank will provide them up to 90 per cent financing of the purchase price of vehicles to enter into Uber’s driver-partner network.
Uber Kenya acting general manager Nate Anderson said, “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 all people in the country.”
This vehicle solutions programme comes shortly after Uber celebrated more than one million rides taken in Kenya since its launch 15 months ago.
