Taxi service service Uber and Sidian Bank have partnered to offer Ksh. 10 Billion loan facility to Uber drivers. The facility will be available to current Uber drivers.
To qualify for the loan, Uber drivers will have to have racked up at least 500 trips on Uber and have a rating of 4.6 or higher. The car financing deal will offer between Ksh. 1 million and Ksh 1.5 million to the drivers with a repayment period of 36 months. The interest rate for the loans will be 10.5%.
This new iniative comes on the back of an Uber announcement that they have had 1 million trips in Kenya since they launched last year. Sidian Bank last month rebranded from K-Rep Bank and is targeting to increase its customer base to 1.5 million in the next three years from the current 300,000.