Uncertainty hangs ominously over drivers of ride-hailing apps with banks moving to repossess vehicles from those who have defaulted on loan repayments. The drivers, most who are operating on ride-hailing platforms such as Uber, Taxify and Little, have become the latest victims of depressed economic activities. Stanbic Bank yesterday advertised 72 vehicles that are headed for the auction block including 31 Suzuki Altos that belong to Uber Chap Chap drivers who have defaulted on their payments. Yesterday, Stanbic said the financing partnership with Uber was still active and some drivers had completed payments. “Drivers had also been getting vehicles on hire purchase from a trader in Mombasa,” explained Mr Muteru.

Source: Standard Digital July 10, 2020 10:18 UTC