By Princewill Ekwujuru
International Finance Corporation (IFC) has invested 20 million euros in Bolt, a mobility service company, to promote access to on-demand mobility services in emerging economies including Nigeria.
The IFC funding is targeted towards Eastern Europe, including Ukraine, and African markets, such as Nigeria and South Africa.
The funding will help Bolt, a ride-hailing company, expand mobility solutions that create earning opportunities, stimulate small-scale entrepreneurship, and improve access to transportation in Eastern European and African markets.
Senior Vice President of Operations at IFC, Stephanie von Friedeburg said: “Technology can 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”.
Chief Executive Ofiicer/Founder, Bolt, Markus Villig said: “We 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 recognising the strategic value Bolt is providing to emerging economies.”
Country Manager, Bolt Nigeria, Femi Akin-Laguda also added: “As leaders in ride-hailing, we are committed to improving the way people move in Nigerian cities. Safety and affordability are at the core of our operations and with this partnership, we’re even more dedicated and committed to increasing earnings, and providing entrepreneurial opportunities for citizens.”