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Uber Nigeria has announced that it is partnering with First Bank of Nigeria to offer low-interest, used-vehicle loans to its top-rated driver-partners.
Analysts say with this new initiative, Uber driver-partners with good performance records will be able to access used-car financing from First Bank at an interest rate of 20% per annum over a 24-month repayment period.
It would be recalled that Uber is making this move in continuation of its stated commitment to constantly developing partnerships that benefit its driver-partners. Alternative offers for used-vehicle finance on the Uber Vehicle Solutions Programme are also available but will attract 22% per annum with a maximum repayment term of 36 months.
First Bank will offer qualified driver-partners loans of up to N2.5million out of its 10 billion-naira auto-credit facility. First Bank of Nigeria (FBN) Insurance, a unit of FBN Holdings Plc, will also offer the driver-partners comprehensive insurance cover at favourable premium.
Uber Nigeria General Manager, Ebi Atawodi said, “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 and 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.”
Uber driver-partners will be able to apply for the loan based on their driver performance records. They will need to be able to demonstrate an average driver performance rating of higher than 4.5 and have earned more than N2.4million in the preceding 6 months.
In his remarks, the MD/CEO of First Bank Nigeria, Adesola Adeduntan said the move is in keeping with the Bank’s commitment to supporting entrepreneurs to build sustainable businesses which are pivotal in stimulating economic development.
According to him, “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.”
These offerings are an addition to Uber’s existing range of innovative business-building solutions. An example is Uber Marketplace, a one-stop shop designed to help new and existing driver-partners finance and purchase vehicles offering special discounts and offers. Uber Momentum Partner Rewards Programme is another offering that delivers localised discounts, preferential deals and rewards exclusively to driver-partners.