[HAKKI AFRICA Co., Ltd.] African Fintech startup HAKKI enters into major partnership with ride-hailing app BOLT, which has a market capitalization of over 1.2 trillion yen
*HAKKI AFRICA Co., Ltd.*
Press release: August 28, 2024
African Fintech startup HAKKI enters into major partnership with ride-hailing app BOLT, which has a market capitalization of over 1.2 trillion yen
*Press release from Japanese entrepreneurs at the forefront of Fintech in Africa*
HAKKI, a microfinance business for taxi drivers in Africa
AFRICA has entered into a partnership with Bolt, one of Africa’s largest* ride sharing companies.
*Ride sharing: A ride-hailing service that allows you to hail a taxi using a smartphone app.
■About partnerships
Bolt is a unicorn company in the ride sharing business from Estonia. We operate in more than 600 cities in 50 countries, including Africa and Europe, and have provided services to more than 200 million customers. Bolt aims to increase the number of drivers on its platform in African countries in order to popularize taxis as a comfortable and safe means of transportation among the general population in Africa. Therefore, HAKKI, which boasts the No. 1 market share in Kenya in financing for taxi drivers,
We have concluded a strategic partnership with AFRICA as our official financing partner in Kenya. HAKKI
AFRICA uses Fintech (Credit), including its independently developed credit scoring system.
Tech) to provide loans to taxi drivers who have difficulty accessing local financial services.
Under this partnership, drivers who commit to working exclusively on the Bolt app will be provided with a lower down payment than usual, and will be incentivized based on their performance on the Bolt app. Also, the Fleet that Bolt provides to official partners.
HAKKI by utilizing Management System
For AFRICA, the range of debt management methods will expand and it will be possible to maintain higher repayment rates. Drivers who want to receive financing with more favorable terms, Bolt who wants to increase the number of drivers registered on the app, and HAKKI who wants to provide financing to drivers with high repayment certainty. With this partnership beneficial to all three AFRICA parties, HAKKI AFRICA aims to gain further market share.
Customers who received financing under the partnership1.
Customers who received partnership financing2.
■Why HAKKI AFRICA provides financing for taxi drivers
In developing countries, including Africa, many people are unable to access financial services due to a lack of credit. The hurdles to pass the screening for loans offered by local banks are high, and only a few percent of the population has access to them. Among low- to middle-income earners who do not have access to financial services, the reality is that it is difficult for those in the profession of taxi drivers to be rewarded for their efforts. Although they want to buy a car, they cannot pass the bank’s approval, so they use expensive rental cars for work.
If you rent for about two years, the total rental amount will exceed the purchase price of the car, but even if you keep paying that for a lifetime, you will never get the car. As a result, they find themselves in a situation where it is difficult for them to escape from a hand-to-mouth lifestyle. However, HAKKI
AFRICA’s credit scoring system has made it possible to extend credit and finance to low- to middle-income people who otherwise would not have had access to financial services. HAKKI
Drivers who receive a loan from AFRICA will be able to obtain a car after making repayments equal to the cost of the rental car for approximately three and a half years.
After the car is paid off, you will have many options, such as being able to increase your take-home pay as a driver or selling the car and using the proceeds to start a new business. HAKKI
AFRICA has a vision of “a world where sincere efforts are rewarded fairly,” and aims to realize this vision by providing loans to taxi drivers who work in good faith and by developing a credit scoring system.
-About Bolt-
Company name: BOLT OPERATIONS OU
Established: August 2013
Business details:
・Ride sharing service
・Micromobility (car sharing, electric scooter rental)
・Delivery service
URL: https://bolt.eu
HAKKI AFRICA Co., Ltd.
Location: 8F Dai-3 Toun Building, 1-13-10 Shibaura, Minato-ku, Tokyo Contact: https://hakki-africa.com/contact/
Business details:
・Development of credit scoring passport for emerging countries ・Providing used car purchase loans in emerging countries using the above URL: https://hakki-africa.com/