May 19, 2020

Uber and WesBank sign multimillion-rand partnership

FirstRand
Uber
South Africa
WesBank
mahlokoane percy ngwato
2 min
Uber and WesBank sign multimillion-rand partnership

Uber, the technology company that connects people with drivers, and WesBank, a vehicle and asset finance provider have signed a crucial deal in South Africa that will offer driver partners access based on an established quality record, as well as lower monthly rates.

Uber now offers existing driver-partners access to a specially designed full maintenance lease programme, enabling them to gain access to a vehicle at preferential rates, with a view to establishing their own passenger transport business in partnership and with the help of Uber’s technology.

The programme has been valued at over 200 million rand and was developed by WesBank in collaboration with FirstRand’s Enterprise Development Fund, Vumela, which has pledged 20 million rand to fund the first 1,000 vehicles.

Alon Lits, Regional General Manager for Uber in Sub-Saharan Africa, said: “Anyone who has been driving using the Uber app for a reasonable time and has a good earnings and quality record, now has the opportunity to acquire a brand new car and start their own business full time.

“Because the programme developed with WesBank offers rates that are significantly more competitive than these drivers would otherwise have been able to obtain, their business ventures have a far better chance of succeeding in the long term.”

Chris de Kock, CEO of WesBank, said: “We have recognised Uber’s ability to disrupt and transform the transport industry, while creating work opportunities for thousands of people across the world,”

Heather Lowe, Head of Enterprise and Supplier Development at Vumela adds, “The need for the development of entrepreneurs in our economy has afforded us the unique opportunity to be part of the solution to this challenge. Uber, WesBank, and Vumela all recognise the need to collaborate within the private sector and support government in creating a sustainable future for our country.”

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SOURCE: [IT News Africa]

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