Why Bolt is the Most Attractive Ride-hailing Service in Nigeria - Country Manager, Yahaya Mohammed
Since entering the Nigerian market in 2016, Bolt Nigeria (formerly Taxify) has transformed urban mobility in major cities by offering convenience and reliability.
In the past two years, under the leadership of its country manager, Yahaya Mohammed, the mobility company has become Nigeria's most patronised ride-hailing company.
Source: UGC
In this exclusive interview with Legit.ng, Mr. Mohammed discusses how Bolt became the leading ride-hailing service in Nigeria and outlines the company's future plans.
Who is Yahaya Mohammed?
Yahaya Mohammed is a specialist in strategy and operations and has extensive experience in both the public and private sectors.
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He has a strong background in management consulting and technical advisory services, working with esteemed clients across various industries.
Mohammed, a recipient of Legit.ng's Business Names Award, holds a Bachelor's degree in International Relations and Politics and a Master's degree in Globalization and Development, both from the University of Sheffield in the United Kingdom.
He is proficient in five languages, including English and French, and has successfully executed projects in Anglophone and Francophone countries in West Africa and Europe.
Before his current role, Mohammed served as a special assistant to a minister of industry, trade and investment and worked as a management consultant with KPMG.
Ensuring customer satisfaction
Since the ride-hailing industry is rapidly evolving, Mohammed highlighted Bolt Nigeria's core strategy, which focuses on offering low-cost alternatives to consumers.
This is achieved by supplying the market with fuel-efficient vehicles, such as those powered by CNG, LPG, and electric vehicles, while ensuring the safety of all stakeholders through robust verification processes.
Bolt Nigeria places a strong emphasis on both customer satisfaction and driver welfare within its business model.
According to Mohammed, the company has developed internal models and pricing specialists dedicated to balancing customer affordability with driver income and operational costs.
Mohammed said:
"Through consistent validation of market economics, it has measured the impact of macro economic realities and made adjustments to guarantee the best prices for riders and optimal earnings for drivers."
Challenges facing ride-hailing services in Nigeria
Like other sectors of Nigeria's economy, the ride-hailing industry faces several challenges that have hindered growth for some operators and decreased revenue for others.
He said:
"The biggest challenges include macroeconomic fluctuations impacting FX, price and availability of PMS and operating costs of vehicles. Our plan focuses on aligning with Federal Government initiatives to change to low-cost alternatives such as CNG and in selected locations provide supply of fuel efficient vehicles such as 4-wheeler quadricycles that can give our riders very affordable prices."
Regulation in the sector
Amid the numerous regulations in the ride-hailing industry, Bolt has successfully navigated these challenges by implementing measures to ensure compliance while maintaining operational efficiency.
Mohammed said:
"Key to ensuring compliance with the regulatory requirements is consistent engagement with key stakeholders within our core regulatory agencies such as the Ministry of Transport for respective states and keeping ourselves updated with the latest regulations."
He emphasised the importance of establishing robust internal systems to ensure that driver-partners comply with all necessary regulatory requirements.
Expanding services
Bolt Nigeria has expanded its services beyond ride-hailing, demonstrating a diversification strategy that significantly contributes to its overall growth.
Last year, the company launched "Bolt Send," a delivery service enabling users to send goods through the platform.
Mohammed explained that this service has always been a potential use case for the platform.
To enhance efficiency, Bolt Nigeria has incorporated motorbikes to reduce costs and offers insurance coverage to protect goods up to N100,000.
This strategic move has not only diversified the company's offerings but also bolstered its growth.
He said:
"As a technology platform, we have positioned ourselves to diversify into any sector that aligns with the functionality of our services and we are looking forward to collaborating with additional players to help promote valuable services to both riders and drivers."
Bolt recently formed partnerships with financial institutions to offer fuel credit loans and financing for vehicle repairs to its drivers.
According to Mohammed, by leveraging driver performance history, Bolt has effectively acted as a credit bureau, facilitating financial access for drivers.
Impact of Bolt Accelerator program
In September 2023, Bolt introduced an accelerator program for its drivers in Nigeria. Over 1,000 participants joined, with ten winners each receiving €2,000 in seed funding, business mentorship, and comprehensive training to launch their innovative concepts.
According to Mohammed, this initiative empowers drivers to become entrepreneurs and implement ideas that could transform the transportation industry in Africa.
Mohammed said of the program:
"Drivers are the heartbeat of our business, and we believe that offering more developed economic empowerment opportunities makes our platform a more attractive place to come."
Expansion plans & future growth
Expansion is crucial for a mobility company to extend its service network, enhance market pen*tration, and meet increasing demand.
Mohammed explained that Bolt employs internally developed models to test global benchmarks and utilise key ride-hailing metrics to evaluate the feasibility of entering new markets.
Currently operating in 33 cities across Nigeria, including Lagos, Abuja and Port Harcourt, Bolt aims to expand into additional cities where there is a demonstrable demand.
Mohammed said:
"Our future plans include focusing on low-cost initiatives such as the quadricycles and expanding into cities where we can partner with local driver partners and offer increased product offerings such as our delivery service and 3 (keke) & 2 (okada) wheelers."
In addition, Mohammed aims to enhance the platform's safety for all stakeholders by collaborating with relevant government agencies to verify its database on the backend.
Mohammed has been instrumental in expanding Bolt's presence in Nigeria. Under his leadership, Bolt Nigeria has flourished, navigating the dynamic market and achieving ongoing success.
He said of his principles:
"My key principles that I prioritize for the Nigerian market are innovation, operational excellence, flexibility and robust collaboration with all stakeholders (driver partners, riders and regulators). I believe these principles are fundamental towards the success of any ride hailing platform in the world."
Driver wins brand new car in Bolt's competition
In related news, Legit.ng reported that one Shehu Kazeem was rewarded with a brand-new car after winning the Championship category in Bolt's 2022 Drivers' League Competition.
Bolt Nigeria created the competition to celebrate drivers' commitment to excellent service delivery.
Reacting, Kazeem spoke about his experience on the Bolt platform and how the new car will help him achieve his dream of starting a transportation business.
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Source: Legit.ng
