The new deal between uber and Stanbic bank will see drivers get a loan directly from Stanbic bank. [Photo/Matooke Republic].Uber drivers planning to own taxis will now be able to get finance directly from Stanbic bank after their employers strike a deal with the bank.
The San Francisco based tech firm, uber, has partnered with Stanbic bank to provide loans to Drivers under the Uber community that will wish to own taxis through a full financing scheme.
The loan will be repaid in a period of three years and will attract an interest of 14 percent per annum.
"At Uber, we are constantly providing opportunities for driver-partners in Kenya. This is why we continue to economically empower our partners...to ensure drivers start their own businesses so that they can make the most when driving with Uber,” said Uber general manager Loic Amado.
For drivers to qualify for the loan, they will be required to meet some requirements which include, having made sh 300,000 in the last three months, high passenger rating of 4.5 out of 6 and those that have completed 500 trips under Uber.
Amado also said that they are in a similar arrangement with sedan bank to provide loans to their drivers at lower interest rates. Previously, sedan bank gave 138 uber drivers loans to acquire cars at a lower interest rate of 10.5 per cent per annum.