Bolt, the leading Nigeria automobile transportation company, has now partnered with Advancly to provide drivers who earn consistently on its platform seamless access to Advancly’s credit solutions via an integration.
This was unveiled in a statement released by the company’s spokesman in Nigeria. The partnership with the credit technology company aims to boost drivers’ productivity by enabling them to access upfront earnings to meet their daily needs.
The statement mentioned that the loan scheme would be launched and accessible to drivers in Lagos and Abuja in beta. According to Advancly Country Manager for Nigeria, Lolia Kienka, the collaboration marks a significant milestone towards empowering people to have control over their finances and to provide healthy financial options for people within the workspace.
Kienka said, “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 playing a vital role in shaping the future of business for independent workers, and this partnership reaffirms our commitment to enable entrepreneurs to grow on their terms by providing them with access to credit,”
Advancly’s credit solutions, through an integration, will streamline the loan process for drivers to cover pressing expenses such as fuelling and maintaining their cars with a low-interest rate.
However, according to a Bolt spokesperson, before accessing the credit solution, drivers have to pass the eligibility reward levels, which are either the Silver, Gold, or Platinum reward levels. The Bolt spokesperson further said the rate of the loan depends on the driver’s reward level. The higher a driver’s level, the higher the amount of money the driver can apply for.
The spokesperson further explained that the finished ride targets for each of these levels are subject to change monthly. However, drivers can see the ride target for each level in the rewards section at the start of every month.
The repayment structure of the loan depends on the type of credit applied for. The repayment period for fuel credit loans is one week, while for repair, it takes long weeks. However, drivers are permitted to pay weekly installments.
