An Estonian Mobility company that offers vehicles for hire, micro-mobility, car-sharing and worth over Five Hundred Million Pounds as at 2021 has partnered CredPal, an African company based in Nigeria to improve its service delivery to its customers.
Ride-hailing company Bolt, said it is working with Nigerian fintech firm CredPal to introduce ride-now pay-later services to its customers.
The companies said that the new model will enable Nigerians of all classes, both corporate and individuals, to gain access to credit rides without bothering about immediate payments, but can pay by the end of the Month.
With the new arrangement, customers will have to first sign up with CredPal which will underwrite the cost of the trip.
CEO and Co-Founder of CredPal, Fehintolu Olaogun, said that transportation is a daily essential and Nigerians should consider planning a monthly budget for it. “What we’ve done with CredPal Ride-On is to offer a choice of using credit that helps them manage their monthly expenses.”
Bolt’s Country Sales Manager, Kwaku Ampadu-Manu, noted that Ride-On is a necessary product that could help accelerate the adoption of digital payments while providing Bolt riders with an alternative payment option.
“This partnership gives riders access to a much-needed alternative that meets their mobility needs without immediately spending out of pocket, and we are happy to work with CredPal to foster our mission of making our cities for people and not cars.”
These BNPL models will allow Nigerians to enjoy ride-hailing services even when they are cashless and pay at their convenience. This will also drive the revenue of the ride-hailing companies, which they believe is a win-win situation for both parties.
Bolt company whose headquarter is in Tallinn, and operating in over 500 cities in more than 45 countries in Europe, Africa, Western Asia and Latin America and has more than 100 million customers globally.
CredPal financial services are offered by BishopGate Microfinance Bank, licensed by the Central Bank of Nigeria. They offer innovative financial solution including investments and credit service. Their credit allows businesses and individuals to buy anything and pay for it in installments across online and offline Merchants by providing them with instant access to credit at the point of checkout. The company has over 85,000 active customers, more than 4000 merchants, and is worth over fifteen million dollars.
This partnership further buttress what several Africans and other world leaders have been saying that raw innovations and ease of doing business makes Africa one of the most profitable places to do business in the globe.
