Ride-hailing business Bolt has teamed with Nigerian financial company CredPal to provide its consumers ride-now pay-later services.
Customers must first register with CredPal, which will cover the cost of the trip, under the new agreement. The firms claim that the new model will allow Nigerians of all classes, including people and businesses, to obtain credit rides without worrying about immediate payments and instead pay by the end of the month.
Transportation is a daily necessity, according to Fehintolu Olaogun, CEO and Co-Founder of CredPal, and Nigerians should think about setting aside money each month for it. With CredPal Ride-On, we give customers the option of using available credit to better manage their monthly spending.
Kwaku Ampadu-Manu, the country sales manager for Bolt, stated that Ride-On is an essential product that might hasten the adoption of digital payments while giving Bolt users an other payment choice.
We are pleased to collaborate with CredPal to further our vision of developing cities for people, not vehicles, by providing riders with access to a much-needed alternative that fits their mobility needs without immediate out-of-pocket expenses.
Nigerians will be able to use ride-hailing services even if they don’t have cash and can pay whenever it’s convenient thanks to these BNPL models. The ride-hailing businesses believe that this will increase their revenue as well, creating a situation where everyone benefits.