Bolt to invest over €500m in Africa over next two years

Bolt, one of the mobility apps in Africa, has announced plans to invest €500 million in its operations on the continent over the next two years.

Markus Villig, Founder and Chief Executive Officer, Bolt, in a statement on Friday said the funds would be used to expand Bolt services in Africa and create opportunities for over 300,000 new drivers and couriers to join the platform in 2023.

Villig added that Bolt had surpassed one billion rides in Africa in just seven years and expects the number of drivers on the platform to hit over one million in the next six months.

“Over the past seven years, we have built a strong team of 500 people in Africa and we remain committed to investing into local communities for the long-term.

“At a time when many countries are facing economic challenges, we will continue to grow our presence in Africa through this new investment which offers massive potential to create new jobs and income opportunities for drivers and couriers,” Villig said.

He reiterated that Bolt, in 2021, introduced a new service that allowed female riders to choose a female driver for their journey.

“This new category not only increased safety for both drivers and riders in Africa but also provided women with a way to explore new earnings opportunities.

“Following the success of the ‘Women-only’category in South Africa, it was also launched in Nairobi and Mombasa, Kenya,“ he said.

Also speaking, Ireoluwa Obatoki, the Regional Manager, Bolt West and North Africa, said: “While many companies are scaling back investments given the macroeconomic environment, we recognise the transformational effect platforms like Bolt can have in Africa.

“We operate in markets where there are unique challenges.

“And by continuing to expand our services we will offer people new opportunities to earn a good living by being a driver, as well as providing millions of customers with a safe, reliable, and affordable way of moving around their city,” Obatoki said.

Our correspondent reports that Bolt now operates ride-hailing and delivery services in six countries – Kenya, Ghana, Nigeria, Uganda, Tanzania and Tunisia – with over 47 million customers and 900,000 drivers on the platform.