Ride-hailing company Bolt has partnered with Nigerian fintech CredPal to introduce ride-now pay-later services to its customers.
CredPal is a Nigerian fintech company providing solutions for investments and credit facilities.
With the new arrangement, customers will have to first sign up with CredPal which will underwrite the trip cost. The companies say that the new model will enable Nigerians of all classes, both businesses and individuals, to gain access to credit rides without bothering about immediate payments, but can pay by month ends.
CEO and Co-Founder of CredPal, Fehintolu Olaogun, says that transportation is a daily essential and Nigerians should consider planning a monthly budget for it. “What we’ve done with CredPal Ride-On is offer a choice of using credit that has been availed to them to better manage their monthly expenses.”
Bolt’s Country Sales Manager, Kwaku Ampadu-Manu, noted that Ride-On is a necessary product that could help accelerate the adoption of digital payments while providing Bolt riders with an alternative payment option.
“This partnership gives riders access to a much-needed alternative that meets their mobility needs without immediately spending out of pocket, and we are happy to work with CredPal to foster our mission of making our cities for people and not cars.”
These BNPL models will allow Nigerians to enjoy ride-hailing services even when they are cashless and pay at their convenience. This will also drive the revenue of the ride-hailing companies, which the companies believe is a win-win situation for both parties.