Bolt has launched electric tricycles in Lagos, aiming to provide a more affordable and sustainable transportation option. This initiative is designed to empower drivers with lower operational costs and help them transition into vehicle ownership.
According to a report, the electric tricycles are part of a lease-to-own program in partnership with SGX. Drivers can acquire the vehicles with no upfront payment and own them outright after 24 months of consistent use.
“By introducing electric tricycles with flexible, lease-to-own options, we’re helping drivers save money, own their vehicles, and build sustainable livelihoods,” said Osi Oguah, General Manager of Bolt Nigeria.
The new program is expected to reduce financial burdens on drivers, especially with the rising costs of fuel and vehicle maintenance. With Bolt targeting 1,000 electric tricycles by the end of 2025, the company is pushing for widespread adoption of these eco-friendly vehicles.
Bolt’s initiative also benefits commuters by offering a lower-cost ride-hailing option. These electric tricycles are designed to serve high-density, lower-income areas where traditional ride-hailing options may be too expensive or inaccessible.
With this move, Bolt is not only addressing the economic challenges faced by drivers but also making transportation more accessible. The company aims to create a more sustainable and affordable transportation network in Lagos.
The lease-to-own model is a key feature, allowing drivers to build equity over time. This offers a pathway to vehicle ownership, which can be difficult for many drivers to achieve under traditional financing methods.
Article updated 4 weeks ago. Content is written and modified by multiple authors.
