Take a bolt ride on debt, how cool is that?


Last year, we predicted a time will come when credit will power commerce, logistics, and even construction in Africa. 

Today, our prescience resurfaces with Bolt’s announcement of a ride-now-pay-later option in partnership with Nigerian startup, Credpal. 

That’s right; Nigerians will soon be able to take quick rides anywhere…and pay for them later. 

The news: Credpal, a BNPL startup based in Nigeria, has developed Ride-On, its product offering that serves as a checkout option on Bolt, instead of cash or card. The flow is simple: Credpal pays for its users’ day-to-day Bolt rides during any given month and requests bulk repayment by the month’s end—which coincides with payday.

Do we need this in Africa, though?

That’s probably a good question for a Twitter Space, but Bolt already says it is just what we need. “This partnership gives riders access to a much-needed alternative that meets their mobility needs…” is how Bolt’s country sales manager, Kwaku Ampadu-Manu, puts it.

Still, we must ask ourselves necessary questions like: would Nigerians, who practically lament on social media about the increasing costs of ride-hailing services, turn a blind eye to the costs because they can pay later?

This is a question the market would eventually answer as Credpal takes on this mission to integrate credit facilities into the day-to-day lives of Nigerians. Hopefully, Credpal proves the existence of its market, just as India’s Ola Money was able to do with its BNPL offering for cabs.

TECHPOINT