Advancly, a company focused on boosting credit access in Africa, has teamed up with the global rideshare company Bolt to help Bolt drivers get credit for their immediate financial needs.
Advancly has been supporting African entrepreneurs for years by providing them with credit to help them expand and develop their businesses. Their main product, Advancly Spark, makes it easier for businesses to borrow money quickly through a technology-driven credit-scoring system.
Another product, Advancly Embed, allows businesses to add financial services to their operations without creating these services from scratch. This product is the basis of Advancly’s new partnership with Bolt.
Through this collaboration, Bolt drivers who qualify will be able to access Advancly’s credit services directly from the Bolt platform. This integration simplifies the borrowing process for drivers, giving them a simple way to get low-interest, short-term loans. These loans can help cover urgent expenses like fuel and car maintenance, which can improve their service quality and increase their earnings.
Lotanna Julian, co-founder and CEO of Advancly, expressed excitement about working with Bolt Nigeria. “We’re excited to bring our innovative credit solutions to Bolt’s large network of drivers. This partnership highlights our commitment to supporting independent workers by providing them with access to credit.”
Yahaya Mohammed, Country Manager at Bolt Nigeria, also shared enthusiasm for the partnership. “We understand how important financial stability is for our drivers. Along with our platform, we’re pleased to offer them extra resources to manage their finances, deliver excellent service to riders, and grow their businesses with Bolt.”
Initially launched in Lagos and Abuja in a test phase, this partnership is a major step in offering better financial options to gig economy workers. It shows both companies’ commitment to helping people manage their finances on their own terms.
Drivers who meet the eligibility criteria based on their performance and history with Bolt can access these benefits through the “Bolt Rewards” section of the Bolt Driver app.
