The ride-hailing service Bolt has received an investment of 20 million euros from the International Finance Corporation (IFC) to promote access to mobility services in emerging markets, including Tanzania.
The investment which includes advisory services by IFC—a member of the World Bank Group—will help Bolt expand mobility solutions that stimulate small-scale entrepreneurship, increase paid work opportunities and improve access to transportation in African and Eastern European markets.
Bolt Chief Executive Officer and Founder Markus Villig said they are looking forward to partnering with IFC to further support entrepreneurship, empower women and increase access to affordable mobility services in Africa and Eastern Europe.
“Together with the investment from the European Investment Bank last year, we are proud to have sizable and strategically important institutions backing us and recognizing the strategic value Bolt is providing to emerging economies,” Mr Villig said.
IFC Senior Vice President of Operations Stephanie von Friedeburg said the technology could and should unlock new pathways for sustainable development and women’s empowerment.
“Our investment in Bolt aims to help tap into technology to disrupt the transport sector in a way that is good for the environment, creates more flexible work opportunities for women, and provides safer and more affordable transportation access in emerging markets” she said.
Bolt currently operates in seven African countries, providing earning opportunities for more than 400,000 drivers in 70 cities across the continent. Bolt Tanzania’s Country Manager, Remmy Eseka said they are boosting local incomes by empowering a broader section of society to access paid work as drivers on their platform.
“Our services also transform urban transport by enabling quick, safe and affordable movement and access to rapid transport for millions of people living in urban centres,” Mr Eseka said.
In Tanzania, Bolt offers motor vehicle, richshaw ‘Bajaji’ and Boda-Boda services in Dar es Salaam, Dodoma, Arusha and Mwanza cities.