Yes, this might not be the most recent news, but important news nonetheless. Since this new partnership was announced just when the last newsletter was sent out (grrr), we figured we’d take the December newsletter as an opportunity to give a recap of what this partnership entails, now that all the juicy information is out there. Branch and Uber, two of our biggest members, both occupying two of our serviced enclosed offices at Westlands, have sealed a deal that will change the average driver’s life for the better.
Becoming a taxi driver wasn’t something that was looked at as much of a revered business decision in the past. A driver takes the wheel and makes money with the miles he drives, but they won’t have much going for them if they stick to that career… At least that was the perception, but this partnership is changing that! With the objective of allowing current Uber drivers to one day become partners that own and grow their businesses, Branch is now offering an exclusive loan package to those Uber drivers that meet the requirements. What might those be? The drivers must have completed 500 trips, and have a minimum 4.6* rating on the Uber app. The starter loan for these drivers is KSh 30,000, with a monthly interest rate of 1.2%… Seriously, what bank would ever offer a rate even close to that? There’s a reason we have fintech companies like Branch out there to shake up the finance world!
There’s now more in store for an Uber driver than just earning money, there’s growth on the horizon, with the prospect of one day owning their own vehicle, onboarding it onto the Uber app, and increasing their earning capacity. Kagure Wamunyu, Uber’s Operations Lead in Kenya (and a fine dresser, might I add), used this partnership to reaffirm that “Uber is focused on increasing economic opportunities”. Seeing as Branch always aimed to be present for those without access to bank loans, this is a common goal that both organizations share, and the basis of this new alliance.
This partnership follows the model for all the others that go on between Garage members, because it’s mutually beneficial for both parties, and makes a positive impact on the society we’re living in! And where do you think this partnership was first brought up, written up, and sealed? Why within our very own lounge area and meeting rooms at the Westlands Garage, of course!
Best of luck to both as they move forward!