E-hailing app firm Taxify has partnered with Stanbic Bank #ticker:CFC to offer 100 percent financing for vehicles from Simba Corporation's sub-brand Renault.
Drivers with a 4.7 star rating will access 36-month loans at an interest rate of 14 percent to purchase Renault KWID cars which have an engine capacity of 800cc.
“This deal will not only help drivers access a feasible and cost-effective way to own cars, but also offer an easier way to provide income for themselves and their families,” said Alex Mwaura, Taxify Country Manager.
Drivers who take up the facility will pay monthly instalments of Sh43,000 inclusive of insurance for the vehicles valued at Sh1.2 million for the manual version and Sh1.1 million for the automatic type. Under the deal, Taxify drivers will also benefit from product trainings and wealth management courses.
“This compact SUV inspired small car tops up as the most fuel efficient cars,” said Renault Kenya Brand Manager Jonathan Dos Santos. The KWID was launched in the Kenyan market in 2016.
This is not the first time taxi-hailing firms have partnered with banks and motor dealers for financing of highly rated drivers.
Uber in 2017 partnered with Stanbic to advance loans at an interest rate of 14 percent within a three-year period.
As at September last year, Stanbic had granted loans to 350 drivers over the seven-month period to acquire Suzuki Alto vehicles.
Sidian partnered with Uber in 2016 and said it had issued 150 loans up to March 2018.