IFC invests €20m in Nigeria, other developing economies

International Finance Corporation (IFC) has made an investment of 20 million euros in Bolt Company, which offers mobility to boost access to on-demand mobility services in developing economies which include Nigeria.

The IFC financial support is focused on Eastern Europe, which include Ukraine, and African markets, like South Africa and Nigeria.

The financing will help Bolt Company extend mobility solutions that generate, earning opportunities, motivate small-scale entrepreneurship, and boost transportation access in Eastern European and African markets.

Senior Vice President of Operations at IFC, Stephanie von Friedeburg stated, “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.”

“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,”  Chief Executive Officer/Founder, Bolt, Markus Villig disclosed.

Country Manager, Bolt Nigeria, Femi Akin-Laguda also stated, “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.”