Wesbank Uber
The Uber Vehicle Solutions Programme gives those Uber driver-partners who may not qualify for traditional credit the opportunity of a full vehicle maintenance lease, facilitated by WesBank, at special rates.
This will give them the best possible chance to start and grow their business in partnership with Uber. This forms part of Uber’s ongoing commitment to enable 15 000 new work opportunities in South Africa by the end of 2017. The technology company has already enabled 2 000 work opportunities since its local launch in August 2013.
Chris de Kock, CEO of WesBank, points out that the programme is the result of a shared commitment to innovative business principles. We have recognised Uber’s ability to disrupt and transform the transport industry, while creating work opportunities for thousands of people across the world, say’s de Kock.
The programme is valued at more than R200 million. It was developed by WesBank and Uber in collaboration with FirstRand’s Enterprise Development Fund, Vumela, which has pledged R20 million for the first 1 000 vehicles. Rather than basing access on credit ratings, drivers will be considered for the programme based on their earnings and quality record with Uber.
According to Alon Lits, Regional General Manager for Uber in Sub-Saharan Africa, this vehicle solutions programme has the potential to change the lives of many Uber driver-partners. Anyone who has been driving using the Uber app for a reasonable time now has the opportunity to acquire a brand new car and start their own business full time. 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.
This unique opportunity is not limited to existing driver-partners or those with a record of income with Uber. Several rental companies have launched short-term rental offerings for prospective drivers wanting to operate on the Uber platform. Drivers can rent approved vehicles from Hertz, Europcar, Pace and Fleet Data Technologies until they have built the earnings record needed to qualify for the full maintenance lease, facilitated by WesBank.
Heather Lowe, Head of Enterprise and Supplier Development at Vumela adds, The need for the development of entrepreneurs in our economy has afforded us the unique opportunity to be part of the solution to this challenge. Uber, WesBank and Vumela all recognise the need to collaborate within the private sector and support government in creating a sustainable future for our country.
The goal is to enable 15 000 new work opportunities for driver partners across South Africa in the next