Taxi hailing firm, Uber has entered into an agreement with a second bank in Kenya to advance loans to drivers in its Vehicle Solutions Programme.
The credit facility extended will charge 14% interest and will be repaid in 3 years. Uber general manager, Loic Amado said, “At Uber, we are constantly providing opportunities for driver-partners in Kenya.
This is why we continue to economically empower our partners…to ensure drivers start their own businesses so that they can make the most when driving with Uber.”
Uber has entered into this partnership with Stanbic Bank. To qualify for this loan, drivers will need to have completed atleast 500 trips and received a rating above 4.6 out of 5. They should also have made sh.300,000 within the last 3 months.
A number of Uber drivers in Kenya operate the vehicles under lease. Nevertheless, it enables economic opportunity for many Kenyans.
The taxing hailing firm has previously entered into a similar arrangement with Sidian Bank. Under it, 138 loans have been handed out at 10.5% interest.