for subscribers

Uber drivers with rave reviews in Kenya to qualify for loans

Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!

Nairobi - Uber drivers in Kenya have an additional incentive to go the extra mile: a local bank is offering them car loans based on how clients rate their service.

Sidian Bank, a closely held Kenyan lender, has set aside 10 billion shillings (R1.55bn) for loans to taxi drivers buying cars to work for the ride-hailing service, CEO Titus Karanja told reporters in the capital, Nairobi. The initiative will expand credit in a country where only 34% of people use credit, according to Kenyan central bank data.

The main requirements to qualify for a Sidian loan are a minimum of 500 trips and an Uber passenger rating of at least 4.6 out five points based on measures that include the driver’s timeliness and attitude.

There’s more to this story
Subscribe to News24 and get access to our exclusive journalism and features today.
Subscribe
Already a subscriber? Sign in
ZAR/USD
17.63
(-0.14)
ZAR/GBP
23.01
(-0.05)
ZAR/EUR
20.78
(-0.04)
ZAR/AUD
12.62
(-0.03)
ZAR/JPY
0.17
(-0.02)
Gold
2034.21
(+0.05)
Silver
28.28
(+0.09)
Platinum
961.50
(+0.38)
Brent Crude
44.55
(-1.53)
Palladium
2166.01
(+0.63)
All Share
56757.73
(-1.56)
Top 40
52435.65
(-1.72)
Financial 15
9897.96
(+0.10)
Industrial 25
74671.49
(-1.98)
Resource 10
58948.78
(-1.89)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 929 votes
It depends on how the funds are used.
74% - 6241 votes
No. We should have gotten the loan elsewhere.
15% - 1284 votes
Vote