Bolt, a worldwide ridesharing platform, has collaborated with Advancly, a B2B firm promoting the adoption and expansion of the credit economy in Africa, to give its drivers access to credit and help them meet their immediate financial needs.
Providing loan financing to African entrepreneurs to grow and scale their enterprises, Advancly has Powered Progress for years. Technology-backed credit-scoring systems enable firms to borrow faster using Advancly Spark, its primary offering.
A future-forward product, Advancly Embed, allows organisations to integrate financial services into their operations and deliver financial value to their users/ecosystem without building these skills. This Bolt partnership is made using Advancly Embed.
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Seamless Integration: Bolt Drivers and Advancly’s Credit Options
Bolt drivers will easily access Advancly’s financing solutions through Bolt Embed. This integration simplifies financing for Bolt Drivers, giving them access to low-interest, short-term loans for fuel and car maintenance, improving their services and increasing their income.
Lotanna Julian, the co-founder and CEO of Advancly, said they are thrilled to embark on this journey with Bolt Nigeria and bring their innovative credit solutions to their extensive network of drivers. He added that the gig economy plays a vital role in shaping the future of business for independent workers. This partnership reaffirms their commitment to enable entrepreneurs to grow on their terms by providing them access to credit.
Country Manager at Bolt Nigeria, Yahaya Mohammed, added that they recognise the vital role that financial stability plays in the lives of their drivers. In addition to their platform, they are excited to offer them additional resources to help them manage their finances, provide exceptional services to riders and ultimately grow their businesses with Bolt.
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Advancly and Bolt: Empowering Gig Workers and Entrepreneurs
This strategic partnership, originally introduced in beta in Lagos and Abuja, is a major turning point in the provision of sound financial solutions to gig workers and highlights the commitment of both organisations to enabling individuals to take charge of their financial lives on their own terms.
The “Bolt Rewards” part of the Bolt Driver app will be where drivers may receive this incentive if they qualify due to their consistency and performance history with the Bolt platform.
Advancly is laying the necessary rails to provide Africa and emerging markets with a more sophisticated and reliable financial system. Advancly provides entrepreneurs access to money and advisory support to help them build their firms and succeed through credit, data, and technology.
Bolt is the first mobility super-app in Europe, providing a superior substitute for all the functions that a private car may perform, such as ride-hailing, sharing vehicles and scooters, and shopping and food delivery.