Taxify today announced that it will offer vehicle purchase financing to its drivers in partnership with Stanbic Bank and Renault Kenya.
As per the initiative, drivers will receive 100% funding from Stanbic Bank. Additionally, drivers will be able to purchase Renault KWID vehicles from Renault Kenya (part of Simba Corporation).
Vehicle financing will be repayable within 36 months. In addition, drivers will receive a 25% discount on parts replacement, 20% discount on labor and AA rescue for all drivers. Taxify will review and pre-qualify drivers who have met various criteria, including positive driver ratings of 4.7 and above.
Speaking at the partnership launch event, Alex Mwaura, Taxify Country Manager, Kenya, said: “We continue to strive to meet the growing need for affordable and reliable transportation for passengers, while creating sustainable jobs and enabling drivers to increase their source of income. We understand the challenges presented to most drivers on our platform. Buying a car in advance can take time and months of investment, and in most cases, drivers choose to hire cars. This deal will not only help drivers access a feasible and cost-effective way to own a car, but will also provide an easier way to generate income for themselves and their families. ” He added.
The Renault KWID comes with a displacement of 800 cm3 and an approximate fuel consumption of 24 km per liter. It was launched in Kenya in 2016.
Competitors of Taxify have been financing the acquisition of its drivers since 2016 by launching a partnership with Sidian Bank. The taxi service also launched a similar partnership with Stanbic Bank in 2017.