Ride-hailing service provider Little Ethiopia has partnered with Bank of Abyssinia’s neobanking platform Apollo to avail collateral-free loans of up to 120,000 birr for its drivers.

The partnership, which was announced today, October 27, 2023, also aims to provide insurance, asset financing, medical benefits, and other offerings in the near future.

“These loans have a repayment period of three months and a 7.5 percent (2.5 percent monthly) service fee” Barouk Almaw, country manager at Little Ethiopia, told Shega.

Drivers are expected to use apollo for their transactions and savings, which will build their credit score and help them unlock the maximum loans. The partnership will also see the drivers act as agents of the  end-to-end digital banking service, Apollo.

“We are happy to create more job opportunities for drivers in cooperation with Little Taxi. This partnership will help drivers improve their income streams and support the growth of the ride-taxi industry in…

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