Africa News Bulletin

Bolt to invest 100 million euros in the Kenyan market

Amidst license renewal wrangles with the National Transport and Safety Authority (NTSA), Bolt has revealed plans to 100 million euros in the market to further increase our footprint across the country.

The Estonian firm says the investment aims to help it expand its services into more cities and town centres in the country.

In response to the ongoing conversations on its licence renewal, Bolt says adherence to Kenyan regulations remains a top priority as it is foundational to building a long-term sustainable business that positively contributes to all stakeholders in the ecosystem.
NTSA had declined to renew Bolt’s license citing alleged breaches, including illegal commission charges and booking fee. The firm however says it’s working closely with the regulator to fix this.

‘’We remain open to collaborative dialogue with our regulator, driver-partners and the wider public to continually ensure full compliance with regulation and expand income generation within our platform. ‘’ Bolt said in a statement seen by TechTrends Media.

‘’Over seven years in the market, we have actively sought input from both government as well as driver partners, to ensure that we remain within the guidelines provided by the government. ‘’ The statement further read.

‘’As such, Bolt currently has a valid licence and is fully operational. As part of the ongoing annual licence renewal process, we will continue to work closely with the regulator for a fruitful result. ‘’

The transport regulator rejected Bolt’s request for license renewal citing mounting complaints from drivers and their representatives about alleged non-compliance and violation of regulations. Bolt says last year, in fulfilment of the licensing requirements, it was issued with a Transport Network Company licence, effective 28th October 2022 and has been fully compliant with the stipulated regulation to cap its commission rate at 18% for drivers using our application.

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