Bolt to expand nationwide, receives over $175m funding

European on-demand transportation platform – Bolt has identified poor telecommunications infrastructure as one of the factors militating against the growth of urban transportation in Nigeria.

Bolt Regional Manager, West Africa, Uche Okafor disclosed in Lagos recently.

This is just as the company has received over $175 million funding from its investors.

Its investors include: Daimler, Didi Chuxing, Korelya Capital and TransferWise.

The acceptable level of funding puts  Bolt ahead of competitors including Uber put at $19 million ; Didi $20billion; Grab $7million Lyft $5 million and Ola $4million.

According to Okafor, hitches arising from difficulties to connect with poor telecommunications network often affects payment processing between riders and drivers in Nigeria utilising the global urban transportation value chain.

Okafor said the Estonian-born technology company formerly known as Taxify in the last five years of its existence plans to expand its operations in Nigeria beyond Lagos, Abuja, Ibada, Owerri and Benin City.

He said more Nigerians are embracing urban transportation with brands like Bolts, which has since its inception served over 24 million customers in over 30 countries in Europe and Africa.

Okafor said Bolt recently changed its brand identity to reflect the company’s broader vision of transportation that has already expanded from ride-hailing, with cars and motorbikes to scooter sharing.

The Bolt Regional Manager said the company has entered into partnership with officials of Nigeria Police Force to handle identity management challenges affecting its drivers to boost the confidence of customers.

He said Bolt has entered into agreement with Smile Communications, to facilitate high speed internet services for its drivers across its operational locations.

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