The total offering to Uber Lagos entrepreneurs includes finance at a fixed interest rate of 5% per annum, with a loan period of 36 months

 

Uber is changing the way Lagos driver-partners access finance and grow their small businesses. The global ride-sharing platform has partnered with the Lagos State Employment Trust Fund who will provide access to finance for budding transport entrepreneurs at just 5% per annum. This is 15% lower than any other financial institution. Access to affordable finance is critical to the success of any entrepreneur, as it frees up the cash flow for them to focus on growing their business. The introduction of finance at a lower interest rate for driver-partners will help them thrive as they run their business on the Uber platform.

Uber has particular relevance in a city such as Lagos, where traffic congestion is an ongoing challenge. Nigeria is a booming African economy. With rapid urbanisation comes more people using the country’s roads. Lagos is an economic hub, which makes this challenge increasingly acute for those using the city’s roads. If more people take advantage of ride-sharing services like Uber, there will be less cars on the road and less overall congestion. For this reason, the platform has been welcomed and supported by the Lagos State.

Ebi Atawodi, General Manager for Uber in West Africa says, “We are encouraged by the Lagos State’s commitment to ridesharing platforms like Uber. Their support of local entrepreneurs not only fosters the growth of sustainable businesses, but strengthens a highly-viable transport industry in Lagos.”

Uber driver-partners in Lagos will also find it easier to buy their own vehicle. Driver-partners can now buy new cars that are locally-assembled in Nigeria by Stallion Motors (Hyundai i10 and Hyundai Grand Xcent). The partnership between Uber and LSETF has made this process simple. If they qualify for the financing provided by LSETF, Uber entrepreneurs can buy any new locally-assembled car up to a value of N3 million and only need to contribute 5% of the vehicle purchase price when they buy the car.

Lagos is an economic hub, which makes this challenge increasingly acute for those using the city’s roads

According to Akintunde Oyebode, the Executive Secretary of LSETF, partnerships like this provide a platform for sustainable job and wealth creation, and demonstrate a seamless collaboration between private capital and Government. “The partnership with Uber is proof of Lagos State Government's willingness to support innovative solutions that solve social problems, in this case, transport, and also provide jobs to its residents.”

The option to purchase locally made vehicles gives entrepreneurs the opportunity to obtain the assets required to grow their business and contributes to the growth of the local economy. Local automotive production is a priority across the country, which has been emphasised in the Nigeria Automotive Industry Development Plan (NAIDP). Nigeria is a promising automotive hub, given its large economy, growing urban population and a targeted drive by government to grow the industry.

Ridesharing trends and a refined automotive industry go hand in hand. Dr. Andrew S. Nevin, Advisory Partner and Chief Economist, PwC Nigeria says, “Already Uber driver-partners have made over a million trips in Nigeria in the last two years. This trend could fast-track Nigeria’s path to becoming an automotive hub potentially boosting sales of new and used vehicles as individuals take advantage of partnering with these companies to gain extra income.” These new cars on the road are likely to replace thousands of personal cars in Lagos, as more people use Uber to move across the city. Over time as people get used to the idea that you can always push a button and get a ride -- the need to own a car, or buy a second family car, goes down.

The total offering to Uber Lagos entrepreneurs includes finance at a fixed interest rate of 5% per annum, with a loan period of 36 months. Lagos driver-partners will be afforded the opportunity to purchase a vehicle to the value of up to N3 million, with a 5% deposit required. Stallion motors are offering both the Hyundai Grand Xcent (N3m) and Hyundai i10 (N2.7m) for this deal - both cars are locally assembled and are in line with the NAIDP.

In order to qualify Lagos entrepreneurs will be required to have been operating on the Uber platform and their Uber rating should be 4.5 or higher.

The Uber and LSETF partnership begins in December with the hopes of expanding it to more Uber partners in the near future.



https://etimesafrica./2016/12/10/uber-partners-lagos-state-to-provide-access-to-vehicle-finance-for-entrepreneurs/#more-3323

ftc


front page material mynd44

...

Sincerely how does dis Uber stuff work sef.? Cos I'm tired of everyday traffic. My car is complaining bitterly right now and the traffic is not merciful.

Nice one.

This is a very cool innovation
These are the things we should be hearing
And other states should emulate this to reduce unemployment

Nice one. I go happy if dem fit gimme this kind loan o, after 3 years 150k interest abi that one self go make person plan well...

Hmmm

op bring beta news na

good

Ambode is either wise or surrounded by wise cabinet members.. .........unlike that old mallam in As.s hole rock

Nice one

sassiemyk:
Sincerely how does dis Uber stuff work sef.? Cos I'm tired of everyday traffic. My car is complaining bitterly right now and the traffic is not merciful.

If you live in Lagos, You should be time conscious.
I don't complain of traffic,I know when I'm driving towards traffic even before I leave house.
learn to help yourself. some distance 're better cover by public transport.
mostly any time i'm going to mainland. I jump bus.
or ikorodu road, Police 'll disturb you sote.

Ok

So Lagos want her graduates to end up as graduate drivers

Uber told us they are coming to Port Harcourt before the year runs out. I rushed and bought 2 cars in preparation, now the year is gone already. Please when are they coming to PH?

They should also know that PamDrive is already here with us, and functioning well.

sassiemyk:
Sincerely how does dis Uber stuff work sef.? Cos I'm tired of everyday traffic. My car is complaining bitterly right now and the traffic is not merciful.

Download the app

Way to go .
But I hope won't use their latest closeness to the govt to kill competition.

The more the traffic , the more you pay on UBER. If you drop the car at home is to have more money to spend on UBER. However , lagos as a metropolitan city lacks infrastructure that can ensure value for one's money if UB E R is to have her feet in lagos. UBER is in other countries and they are well regulated in terms of policies with the govt and agencies that controls it , but here agencies maltreats everyone and no matter of appeal goes down with except you are ready to play ball . UBER is a system structured in way to reduce some hiccups , and maximize returns at the end of the day , but nay people -agencies of govt like last ma , vio, Faan , frsc can frustrate the function of this UBER .

Kul sha

Mopolchi:
So Lagos want her graduates to end up as graduate drivers

What's so bad about a graduate driving Uber?
So many graduates do same in UK, USA etc.
Some of these guys earn more than some of their mates in white collar jobs.
As long as it pay the bills, what's the fuss?
So many people traveled out to the drive same Uber abroad.

Nigerians and hypocrisy are like (somebody help me with that Zuma pics ojere)

babs50g:
The more the traffic , the more you pay on UBER. If you drop the car at home is to have more money to spend on UBER. However , lagos as a metropolitan city lacks infrastructure that can ensure value for one's money if UB E R is to have her feet in lagos. UBER is in other countries and they are well regulated in terms of policies with the govt and agencies that controls it , but here agencies maltreats everyone and no matter of appeal goes down with except you are ready to play ball . UBER is a system structured in way to reduce some hiccups , and maximize returns at the end of the day , but nay people -agencies of govt like last ma , vio, Faan , frsc can frustrate the function of this UBER .

@ bolded, that's not totally true.
Its more on KM traveled than time spent in traffic. (#90/KM and #9/ minutes)

@Richdad. Thanks for the info . That means when one is stuck in traffic for like 2hrs it won't read ? Educate me pls

i love the brains behind Uber, always coming up with attractive offers.

RichDad1:

What's so bad about a graduate driving Uber?
So many graduates do same in UK, USA etc.
Some of these guys earn more than some of their mates in white collar jobs.
As long as it pay the bills, what's the fuss?
So many people traveled out to the drive same Uber abroad.

Nigerians and hypocrisy are like (somebody help me with that Zuma pics ojere)

The average Nigerian graduate believes being a graduate means sitting down in an office with AC. When they hear jobs like Drivers, Cleaners, Security Guard, they look down on such jobs.. Irony is, some Drivers earn more than them, some Cleaners earn more than them, some security guards earn more than them.

RichDad1:

What's so bad about a graduate driving Uber?
So many graduates do same in UK, USA etc.
Some of these guys earn more than some of their mates in white collar jobs.
As long as it pay the bills, what's the fuss?
So many people traveled out to the drive same Uber abroad.

Nigerians and hypocrisy are like (somebody help me with that Zuma pics ojere)

Guy, keep quiet! Simply go and pick up the form to join them and stop ranting.

JeffreyJamez:


The average Nigerian graduate believes being a graduate means sitting down in an office with AC. When they hear jobs like Drivers, Cleaners, Security Guard, they look down on such jobs.. Irony is, some Drivers earn more than them, some Cleaners earn ore than them, some security guards earn more than them.

And they keep trooping out of the country to go and do the same job.

JeffreyJamez:


The average Nigerian graduate believes being a graduate means sitting down in an office with AC. When they hear jobs like Drivers, Cleaners, Security Guard, they look down on such jobs.. Irony is, some Drivers earn more than them, some Cleaners earn more than them, some security guards earn more than them.

E pain you like this?
Well, FYI, I've got vehicles on Uber and I'm loving it.

BTW, if anyone is interested in driving Uber on Uber, yi can contact me.
IT'S FREE OF CHARGE

how do one apply?

thinking of starting a business and no capital oh don't worry check my signature to learn how to be self reliant

Mopolchi:
So Lagos want her graduates to end up as graduate drivers

You are a truly ignorant person.

This is a truly excellent deal, and participants can make 300k+ per month if they work hard. That's more than any bank pays their new joiners.

This provincial, 'bush' mentality of looking down on some occupations is really silly.

if my calculation is right..
30 month means 2years and 6month right??

Lagos state should have subsidise the price of those vehicles by using the same tag (youth empowerment and poverty eradication) in order to reduce the duration of the payment and also to give opportunity for new drivers to troop in and get a vehicle.
instead they offer it at the rate of 5% interest per annum making a total of 17.5% at the end of the 30th month.

Meaning that if you take the vehicle of 3million you have to pay back 3,525million at the end of 30month. remember, that is the amount you pay the company that provide the vehicle, UBER will still have the 25% of every trip you make, You still buy Fuel, Insurance, vehicle maintenance. e.t.c..

This is still a way to enslave youth and masses, this is no poverty eradication at all, this is when the Government and the private company come together to have a 70% of the cake of innocent graduates like you and I. Do not waste your time. Here is my advice, save every penny you see. stop buying Samsung s7 and iPhone 7...

you can be on your own... it doesn't matter if you are graduate or not, its just a mere mind setting.


Ayaf Talk My Own OOOO....