Ride-hailing giant Bolt has announced plans to invest €500m ($530m) in Africa over the next two years. The investment is expected to provide “earning opportunities for 300,000 drivers across the continent.” In Kenya, the company plans to invest Ksh13.4bn ($100m) to expand to more cities, providing affordable, high-quality services to customers and earnings for drivers.
According to Linda Ndung’u, Bolt Kenya’s country manager, “Bolt shall double down on increasing its footprint across Kenya by expanding its services into more cities and town centres. This will provide access to affordable and quality services to customers whilst providing earning opportunities for drivers in Kenya.”
READ ALSO:
Telecel Group acquires 70% controlling stake in Vodafone Ghana
Josephine Anan-Ankomah becomes Ecobank Kenya new Managing Director
However, Bolt and its rival Uber have recently come under fire for their high commission fees. Drivers have gone on strike, demanding that the companies lower the 29% commission they charge. One driver explained, “We have taxi-hailing apps in Kenya like Yego which hit the market recently, but their commission is as low as 12%. We have no issues so far with such companies.”
While Kenya has capped commissions at 18%, the law has yet to be enforced. In October, drivers went on strike, protesting the slow implementation of the law. It remains to be seen whether Bolt’s investment will improve earnings for drivers.
