Bolt to Invest Sh15.85B in Kenya Next Year, Reaffirms Steady Operations

Bolt, a ride-hailing app, will invest Sh15.85 billion (€100 million) in Kenya to extend its footprint throughout the country.

The projected capital injection will allow the firm to expand into more Kenyan cities and town centers.

The Estonian-based corporation stated earlier this year that it would invest €500 million in its African operations over the next two years.

“Significant milestones coming in 2024 for the Bolt business in Kenya include a planned investment of 100 million euros in the market to further increase our footprint across the country by expanding our services into more cities and town centers,” Bolt said in a statement.

Bolt said it is now engaging the National Transport and Safety Authority (NTSA) in an operating license renewal issue.

“In response to the ongoing conversations on our license renewal, Bolt would like to reaffirm our commitment to the Kenyan market,” the firm stated.

“Adherence to Kenyan regulations remains a top priority as it is foundational to building a long-term sustainable business that positively contributes to all stakeholders in the ecosystem,” it added.

“We remain open to collaborative dialogue with our regulator, driver-partners, and the wider public to continually ensure full compliance with regulation and expand income generation within our platform.”

Bolt states that it has worked with the government as well as partner drivers over time to ensure that state rules are followed.

“As such, Bolt currently has a valid license and is fully operational. As part of the ongoing annual license renewal process, we will continue to work closely with the regulator for a fruitful result,” said the corporation.