Bolt to invest €100 million in Kenya despite its operational dispute with the government

  • Bolt to invest €100 million in Kenya, aiming to expand operations across the country.
  • Ongoing discussions with regulators and drivers as license renewal remains uncertain.
  • Bolt emphasizes commitment to the Kenyan market and compliance with regulations.

Despite an ongoing impasse over license renewal, the well-known ride-hailing company intends to invest Sh15.85 billion (€100 million) in Kenya to increase its footprint throughout the nation.

According to a report by The Star Kenya, a Kenyan newspaper, the ride-hailing company stated that it has begun discussions with drivers and the regulator after it was revealed that its operations might be halted by the end of the month owing to a license deadlock.

The National Transport Safety Authority has announced that it would renew Bolt’s operations in Kenya for a variety of reasons, including driver commissions and passenger safety.

However, as part of the firm’s commitment to the Kenyan market, the company plans to expand into more Kenyan cities and towns.

“In response to the ongoing conversations on our license renewal, Bolt would like to reaffirm our commitment to the Kenyan market,”, Bolt noted.

“As part of the ongoing annual license renewal process, we will continue to work closely with the regulator for a fruitful result,” the firm added.

The ride-hailing company also put it out there that in the over seven years it has been in the Kenyan market, it has actively sought advice from both the government and driver partners to ensure that they remain within the government’s rules. The Estonian firm stated that it now has a valid license and is fully operating.

According to Bolt, compliance with Kenyan laws and regulations is still of utmost importance since it is the cornerstone of creating a long-term sustainable company that benefits all ecosystem stakeholders.

In order to continuously assure strict adherence to regulations and increase revenue generation on its platform, it stated that it was willing to collaborate with the regulator, driver-partners, and the general public.

A Transport Network Company license was granted to taxi-hailing companies last year after they met the licensing conditions.

Earlier this year, Bolt stated that it would invest $530 million in its African operations over the next two years.

Source: Business Insider Africa