Taxify has today announced that it will offer vehicle purchase financing for its drivers in partnership with Stanbic Bank and Renault Kenya.

As per of the initiative, drivers will receive 100% financing from Stanbic Bank. Additionally the drivers will be able to purchase Renault KWID vehicles from Renault Kenya (part of the Simba Corporation).

The vehicle financing will be repayable within 36 months. Additionally, the drivers will receive 25% discount on part replacement, 20% discount on labour and AA rescue to all drivers. Taxify will vet and pre-qualify drivers who have met various criterion including positive driver ratings of 4.7 and above.

Speaking at the partnership launch event Alex Mwaura, Taxify Country Manager, Kenya said, “We always strive to ensure that we meet the growing need of an affordable and reliable transportation for riders, whilst creating sustainable jobs and enabling drivers boost their source of income. We understand the challenges presented to most of the drivers on our platform. Purchasing a car upfront can take time and months of investment and in most cases, drivers opt to lease cars. This deal will not only help drivers access a feasible and cost-effective way to own cars, but also offer an easier way to provide income for themselves and their families.” He added.

The Renault KWID comes with an engine capacity of 800cc and an approximate fuel efficiency of 24km per litre. It was launched in Kenya in 2016.

Taxify rivals have been financing its drivers to acquire since 2016 when it launched a partnership with Sidian Bank. The taxi service also launched a similar partnership with Stanbic Bank in 2017.