The Nigerian branch of transportation network company, Uber, has announced today that it is partnering with First Bank of Nigeria to offer low-interest, used-vehicle loans to its top-rated driver-partners.
With this new development, 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.
Speaking on this partnership, the Uber Nigeria General Manager, Ebi Atawodi says, “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.”
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.
In his words, “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.”
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.
The eligibility of Uber driver-partners for this loan would be 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.
The way Uber partners with firms both in and out of their industry is very commendable. Recall that they partnered with NuliJuice – to deliver their products for free – as a form of support when their store was demolished by the Lagos State Government. Its good to engage people around you as it helps project you out too. Don’t you think so?