Uber-Wesbank deal

According to the reports, last Thursday Alon Lits, regional general manager for Uber in Sub-Saharan Africa, announced at the FNB Franchise Summit that over 600 vehicles have been leased to Uber since the signing of the vehicle financing deal with Wesbank at the end of last year.

The leasing programme which is valued at over R200 million, is a collaboration amongst the internet ride sharing service, Webank and First Rand’s Enterprise Development Fund, Vumela.

Launched in November of last year, the programme offers driver partners access to a specially designed full time maintained lease programme.

Lits stated: “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.”

He added: “And 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.”

Note that the programme is not based on credit ratings, but rather eligibility which is determined by WesBank based on the drivers established earnings and quality record with Uber. Feedback and five star rating will be taken into consideration for the driver’s quality record.

The goal of this programme is to enable 15,000 new work opportunities for driver partners across South Africa within the next two year.

“Our partnership with WesBank and Vumela is helping us ensure everyone in the transport industry has the opportunity to become an entrepreneur and enjoy the flexibility and enhanced earnings potential, and better quality of life, of being their own boss,” said Lits.

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