Rida Nigeria Upgrades App with Exciting New Features as MD Shares Insights on Company's 3-Year Journey
Transportation services have evolved alongside with humanity's continuous need to move from one location to another.
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Today, taxis have emerged as the go-to means of transportation for residents in big cities- enabling them to commute to work, school, and social engagements.
Thanks to technology, the service offered by taxi firms has been taken up a notch higher with the emergence of ride-hailing companies. Now, customers can instantly log into an app on their phones and order a ride.
While the likes of Uber and Bolt have been the pioneers in Nigeria, the huge business opportunity has attracted new players.
One of Nigeria's latest entrants into this business is Rida, which was launched in 2020.
Rida prides itself on being 'cheaper than a taxi.' Its unique selling proposition is that riders and drivers can negotiate the price before an order is confirmed.
This is different from Uber or Bolt services, where the app determines the rate based on the traffic situation and distance.
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Osi Oguah, the managing director of Rida in an interview with Legit.ng explained how it all started.
According to him, Rida was conceived as an alternative ride-hailing platform in 2020, but the company did not start until last year (2022).
He said:
"We wanted to create something different and recreate what has been the norm in Nigeria.
"Before ride-hailing came to Nigeria, we used to go out to the bus stops to look for taxi drivers to negotiate fares to Victoria Island.
"Reflecting on the way we used to hail private taxis and what ride-hailing has now become, we saw a niche for a third force in ride-hailing - one that is built not on price wars but rather fair and sustainable pricing based on the actual perceptions of the market from passengers and drivers."
Rida app journey
Oguah told Legit.ng that it all started when a group of friends thought ride-hailing in Nigeria would be more inclusive if riders could negotiate with their drivers, just like with the old yellow taxis in Nigeria.
His words:
"With a developer and a business development manager with ride-hailing experience and a few drivers to test the service, we built an Minimum Viable Product (MVP) product, which we tested in beta mode for several years (we experienced delays due to Covid) and only got a scalable product last year.
"With this MVP, we have now been able to validate our assumptions about the business model and are excited for our next phase of growth.
"Essentially, we decided to start Rida because we thought that ride-hailing in Nigeria would be more inclusive if riders are able to negotiate with their drivers, just like with the old yellow taxis in Nigeria."
No profit for Rida yet since launch
Indeed, Nigerians seem to have warmed up to the unique service offering of Rida.
Oguah confirmed to Legit.ng the company now boasts over 1,000 signed-up drivers and registers thousands of trips daily.
However, there is a twist Oguah also disclosed that despite the growth since the company started, there is no profit yet.
He explained that since its launch, Rida Nigeria has been charging zero commission on fees earned by drivers, allowing them immediate access to their earnings without any transfer period.
Oguah added:
"The motivation for us has always been the belief in our unique selling point (USP) in the midst of strong competitors. We see clearly that with the economic conditions, people are constantly looking for affordable alternatives to move around.
"Our platform provides that because, unlike other ride-hailing platforms, you have the opportunity to negotiate your fares to arrive at a fare that is favorable to both the driver and the passenger.
"We also see that the unit economics of this ride-share model are more sustainable than that of conventional ride-share platforms, so it could provide a model that could define this space in the not-too-distant future."
New phase for Rida, app upgrade
Lagos State Governor, Babajide Sanwo-Olu, recently unveiled a vision to make Lagos a smart city by 2030.
Sanwo-Olu emphasised that his government is more determined than ever to drive the institutional framework to make it work.
Rida's managing director revealed the company's plan to play a significant role, particularly in the transportation service sector.
One of these is the recent update of its Rida app for passengers and Rida driver app for drivers.
The new upgrade, now available on both the Google Play Store and iOS App Store, aims to provide customers with a seamless and enjoyable ride experience while empowering drivers with enhanced features and safety measures.
Giving an insight into the changes, James Arewa, a City Lead for Rida, said:
"The Rida app update is designed to give drivers a seamless, stress-free, and cost-efficient way to earn an income.
"For riders, it is designed to provide a faster, more reliable, and enjoyable ride experience without breaking the bank, as they can negotiate their fares.
"One of the key additions to the Rida app was the safety button, which allows customers to send an instant SOS message to customer support during emergency situations.
"The feature ensures prompt assistance and reinforces Rida Nigeria's commitment to passenger safety. Also, the Rida driver app now includes an activity score, which helps monitor driver behavior and ensures compliance with professional ethics.
"By promoting responsible conduct, Rida Nigeria creates a safe and conducive atmosphere for both drivers and customers."
Future of ride-hailing service in Nigeria
Speaking on ride-hailing services in Nigeria, Oguah said the future is bright and expects more competition.
His words:
"The industry will continue to evolve as urbanization and changing consumer preferences contribute to the continued popularity of not only our brand but also ride-hailing as a whole.
"It will also be interesting to see how advances in renewable technology, via electric vehicles, will play a role in the industry in the coming years.
"Every digital platform faces the challenge of fine-tuning its strategies to attract and retain customers, and it has been no different for us. We learn and adapt daily to grow the brand."
He, therefore, called for the need for continuous collaboration with all stakeholders in the industry while praising the Lagos State government.
"With continuous collaboration, we can further grow the mobility industry to create jobs, improve efficiencies, and reduce emissions."
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Source: Legit.ng
