Uber, First Bank to finance used-vehicle

A new pact between Uber Nigeria and First Bank aimed at paving the way for driver-partners to grow their businesses through low-interest used-vehicle loans has emerged.

The loan, which will be available to its top-rated driver-partners, General Manager for Uber, Ebi Atawodi, yesterday in Lagos, said, is the first of its kind to be made available to Uber driver-partners in the country.

According to her, the initiative is in keeping with Uber’s stated commitment to constantly develop forward-thinking partnerships that benefit its driver-partners.

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.”

The move is expected to offer used-car finance at interest rate of 20 per cent per annum over a 24 month repayment period.Alternative offers for used-vehicle finance on the Uber Vehicle Solutions Programme will attract 22 per cent per annum, with a maximum repayment term of 36 months.

Managing Director of First Bank of Nigeria Limited, Adesola Adeduntan, said: the bank would continue to support 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 number Small and Medium scale Enterprises. This is the reason why we have partnered with Uber by empowering operators to own vehicles and build profitable businesses,” he stated.

To qualify for the scheme, 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.