Sidian Bank unveils Sh10bn loan facility for Uber drivers

May 25, 2016
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NAIROBI, Kenya 25 May – Sidian Bank has announced a Sh10billion loan facility that will facilitate Uber drivers purchase cars.

The credit facility will enable Uber drivers acquire cars valued between Sh1 million to 1.5 million.

Drivers that are not part of Uber are required to join the taxi-hailing app and build quality rating from users.

The partnership aims to sign-up 10,000 drivers owning and driving their own cars.

The vehicle access initiative includes a vehicle leasing solution made available through Zohari Leasing.

Sidian Bank’s Chief Executive Officer Titus Karanja says the 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.

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, 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 added the facility is mainly targetted for a majority of drivers who do not own the cars they operate.

A website will be launched in a few days where non-Uber drivers can sign-up and register to be Uber drivers. A driver will need to have reached 500 rides and get quality rating to qualify for the facility.

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