Bolt has created an on-demand cash withdrawal option that will enable drivers to withdraw their earnings when they need to. The drivers will be able to access bonuses, passenger discounts and card payments in advance. Previously, drivers were required to wait for a week to access their earnings.
According to Bolt, the “Early Cash-Out” feature will increase cash liquidity for drivers by ensuring that they have more accessible and faster access to their earnings than they did previously.
“We strongly believe the feature will offer our drivers convenient, faster and effortless accessibility to their earnings in real-time. In turn, increasing their productivity, workflow, and overall financial well-being,” Bolt Regional Manager, East Africa, Kenneth Micah.
The cashout option, which is available to Bolt drivers and riders once per day, will process payments straight to drivers’ mobile wallets (such as M-Pesa).
In Kenya, requests for early cash-out are processed almost promptly.
Micah added that Bolt is always exploring new and inventive methods to improve the economic well-being of drivers while simultaneously ensuring best-in-class rider experiences in terms of safety, cost, and platform reliability.
The ‘Early Cash-Out’ feature is now available to all Bolt passengers and drivers for a fee of Sh70, which is a third-party processing fee.