BOLT EXPANDS ITSELF IN ZIMBABWE

Original Reporter: Victoria Fakiya

Bolt has recently expanded its services into Harare, Zimbabwe, making a bold move with a six-month driver commission waiver. This not only marks the ride-hailing company’s entry into a new market but also disrupts the competitive landscape in Zimbabwe, putting it in direct rivalry with international players such as inDrive and Rida, as well as domestic services like Vaya and Hwindi.

The expansion carries significance beyond market penetration, as Bolt’s commitment to invest €500 million (or $542.8 million) in Africa reflects the company’s broader dedication to the region. This substantial investment is expected to not only grow Bolt’s operations but also generate employment for over 300,000 additional drivers and couriers.

Laurent Koerge, Head of Expansion at Bolt, emphasized that the company’s objective extends beyond profit-making. By reducing commission rates, Bolt aims to boost demand through competitive pricing, ensuring a consistent flow of customers for its drivers.

Founded by Markus Villig in 2013, Bolt has experienced rapid growth, serving more than 150 million customers across 45 countries and maintaining a vast network of over 3 million drivers. The expansion into Zimbabwe is another strategic step in Bolt’s journey, following successful ventures in 12 African countries, including Ghana, Nigeria, Kenya, and South Africa.

Bolt’s entry into the Zimbabwean market not only offers local drivers the advantage of lower commissions, potentially improving their standard of living but also provides customers with a broader range of options in the ride-hailing sector.

Source: Techpoint Africa