Uber has announced “Get a First Bank loan to buy a car for your Uber business”. In this initiative, First Bank will provide low-interest loans to Uber driver-partners depending on their driving performance record. This will enable them purchase used cars for their Uber ride sharing business.
According to Ebi Atawodi
, General Manager for Uber in Nigeria, the used vehicle finance offering is the first of its kind to be made available to Uber driver-partners in the country. This is in keeping with Uber’s stated commitment to constantly develop forward-thinking partnerships that benefit its driver-partners. The loan will be at a competitive interest rate of 20% per annum over a 24 month repayment period.
“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,” Atawodi explains. “And these used vehicle finance options make it possible for those with a demonstrable performance commitment to build sustainable businesses. Especially without incurring the high costs often associated with new vehicle purchases.”
According to MD/CEO, First Bank of Nigeria Limited and Subsidiaries, Adesola Adeduntan
, the Bank is committed to supporting entrepreneurs to build sustainable businesses which are pivotal in stimulating economic development. “It therefore remains our business to foster the growth and development of small/medium scale businesses in Nigeria as the No. 1 SME Bank. This is also a reason we have partnered with Uber by empowering operators to own vehicles and build profitable businesses,”
To quality for this loan, the driver must have an average driver performance rating not less than 4.5. He or She must have also earned more than N2,400,000 in the preceding 6 months.