WesBank Partners With Uber For Innovative Vehicle Leasing

WesBank Partners With Uber For Innovative Vehicle Leasing


Uber South Africa, in partnership with Wesbank and FirstRand’s Enterprise Development Fund Vumela, are creating a full-maintenance lease programme that will see Uber drivers enjoying preferential rates.

“Any driver who has been using the Uber app for a reasonable time and has a good earnings and quality record, now has the opportunity to acquire a brand new car and start their own business full-time,” says Uber SA general manager Alon Lits.

“We have recognised Uber’s ability to disrupt and transform the transport industry, while creating work opportunities for thousands of people across the world,” adds WesBank CEO Chris de Kock.

A big problem in South Africa, according to de Kock, is the fact that around 60% of vehicle finance applications are turned down.

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Uber currently boasts more than 2 000 drivers in South Africa, and plans to increase this number drastically to 15 000 by 2017. This partnership, therefore, has the potential to give far more motorists access to vehicle finance.

What do you need to do in order to qualify for these preferential rates? Well, you need to have been registered as a driver on Uber for at least three months, completed 1 000 trips, and have a rating of no lower than 4,7.

Interestingly, Uber posted greater growth in Johannesburg and Cape Town during its first year of operation than it did in large developed cities such as Paris and San Francisco.

“Last year, a million trips were completed in South Africa and we had doubled this by July this year,” says Lits.

GG van Rooyen
GG van Rooyen is the deputy editor for Entrepreneur Magazine South Africa. Follow him on Twitter.