In Kenya, it pays to Drive for Uber; top rated Drivers get sweetheart terms on Loans

In Kenya, it pays to Drive for Uber; top rated Drivers get sweetheart terms on Loans

In marketing, publicity is everything, and when it comes for free, you must learn how to leverage on it. Uber Kenya has gotten its fair share of free publicity; the number of Uber drivers that are being attacked by the other conventional taxi driver only serves to spark interest and curiosity among Kenyans about what is Uber.

Certainly, there are people out there that first learnt of Uber following news of Uber drivers being attacked around the capital Nairobi. Once they get to know of Uber and its fair terms of usage, many would be less inclined to use any other cab service other than Uber.

Uber has therefore emerged as a promising business venture for many, including commercial banks. People are realizing technology is disrupting the taxi industry, and ‘if you can’t beat them, join them’. The services annoyed the traditional taxi drivers, and despite their numerous attack on Uber, it only served to popularize their service.

Now people go out of their way to use Uber just to get first-hand information about what all the fuss is about. With that, means more business to taxi drivers and would-be taxi drivers without cars of their own.

Sidian Bank Ltd. (form K-Rep Bank) has identified the need for would-be taxi drivers for car loans and the demand for Uber drivers among the commuters. The bank has thus set aside Ksh. 10 billion ($99 million) to load drivers looking to work for Uber.

As it is, most drivers driving for Uber do not own the cars, they are either leasing it or have been sub-contracted by other drivers who have multiple cars. With the Sidian Bank loan, Uber drivers stand a fair chance to owning their own cars. The bank’s minimum requirement include; the driver must have a minimum of 500 trips and a rating of not less than 4.6 points out of the five points.

Titus Karanja, the CEO at Sidian Bank Ltd. said, “The finance and leasing options are focuses more on the applicant’s proven Uber experience than on his or her credit history. We expect speedy uptake of this financing package, with the entrenchment of Uber’s services in Kenya.”

More information on Mail & Guardian Africa.

Related posts

3 Ways You Can Make Your Small Business Sustainable

4 Budget-Friendly Investments for Freelance Workers to Consider

Top 7 Tips for Planning a Business Conference or Event