Uber offers car loans to driver-partners in Nigeria

2016-10-19 18:02
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Johannesburg - Uber Nigeria announced on Wednesday that it was making low-interest, used-vehicle loans available to its top-rated driver-partners. 

The move is the result of partnerships entered into between Uber Nigeria and First Bank of Nigeria, as well as smaller financiers.

This means that, Uber driver-partners in Nigeria will be able to apply for finance for used vehicles based on their driver performance records.

According to Ebi Atawodi, general manager for Uber in Nigeria, the used vehicle finance offering is the first of its kind to be made available to Uber driver-partners in the country and this is in keeping with Uber’s stated commitment to constantly develop forward-thinking partnerships that benefit its driver-partners.

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“We are absolutely committed to making it as easy as possible for our driver-partners to start and maintain their own successful and profitable businesses,” Atawodi said.

“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,” he added.

The move is set to create business growth opportunities for driver-partners by allowing them to access used-car finance from First Bank of Nigeria at an interest rate of 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.

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According to MD/CEO of First Bank of Nigeria, Adesola Adeduntan, the bank is committed to supporting entrepreneurs to build sustainable businesses which are pivotal in stimulating economic development. 

“It remains our business to foster the growth and development of small and medium scale businesses in Nigeria as the No1 SME Bank. This is the reason why we have partnered with Uber by empowering operators to own vehicles and build profitable businesses,” he said.

In order to qualify for this preferential used-vehicle finance from First Bank of Nigeria, Uber driver-partners will need to be able to demonstrate an average driver performance rating of higher than 4.5 and have earned more than N2 400 000 in the preceding six months.

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