Uber Kenya and Sidian Bank Launch an Innovative Vehicle Solutions Programme
Uber Kenya and Sidian Bank Launch an Innovative Vehicle Solutions Programme Valued at Ksh 10 Billion for Driver-Partners and Investors in Kenya.
25 May 2016 – Uber and Sidian Bank announced today that they have partnered to launch an innovative Uber Vehicle Solutions Programme that will give driverpartners and business investors convenient and affordable access to the quality vehicles they need to start or grow their Uber-based businesses. This comes shortly after Uber celebrated 1 million rides taken in Kenya since its launch just 15 months ago.
The ground breaking vehicle access initiative includes a vehicle finance component delivered through Sidian Bank and a vehicle leasing solution made available through Zohari Leasing. The initiative is valued at a total of approximately Ksh 10 billion (USD 100 million).
According to Nate Anderson, Acting General Manager for Uber in Kenya, the Vehicle Solutions Programme follows similar offerings that have recently been launched by Uber in partnership with WesBank, with great success in South Africa as well as in a number of international locations where Uber has a presence.
“By enabling qualifying driver-partners and investors to afford reliable, high-quality vehicles, Uber is not only helping them to establish and grow their businesses,”
Anderson points out, “we are also building an even more sustainable ride-sharing network in Kenya which moves us forward towards achieving our vision of being a first-choice transport solution for everyone in the country.”
Anderson explains that, the key to the Vehicle Solutions Programme’s ability to realise this vision is its highly inclusive design that makes it a viable and accessible proposition for the widest possible cross section of existing and prospective Uber driver-partners.
Speaking in Nairobi, Sidian Bank’s Chief Executive Officer Titus Karanja noted that this partnership is well aligned to the lender’s mandate to support enterprises to thrive.
“We are glad to be part of this deal, which is enabling enterprises to grow. In addition to financing, we will also provide technical assistance to the beneficiaries of this arrangement. This deal is part of our efforts to consolidate our new positioning that is focused on enabling individuals to own their tomorrow,” he added.
The vehicle finance component of the programme offers qualifying driver-partners and investors up to 100% finance deals on vehicles priced between Ksh 1 million and Ksh 1.5 million, with a generous 36-month repayment period at a low 10.5% interest rate.
“To make this unique opportunity as widely available as possible, the qualifying criteria for both the finance and leasing options are focused more on the applicant’s