Bolt Raises ₦50.1 Billion To Restore Operations Across The Globe

In an effort to intensify its presence in the transportation world, Bolt which is formerly known as Taxify has raised $109 million from a London-based firm.

It is worth noting that the effects of the outbreak of the novel COVID-19 Pandemic affected many businesses. The lockdown of the economy in most countries of the world had severe effects on most businesses.

Meanwhile, as one of the leading transportation company in the world, Bolt has raised ₦50.1 Billion in a new funding round from Naya Capital Management. Interestingly, Bolt is now valued at $1.9 billion.

Disclosing on what the funds are meant for, Bolt revealed that the newly raised fund is meant for its ride-hailing, food delivery and e-scooter rental services as it looks to restore operations as countries lockdowns ease.

CBN approves relief on OFI loans

In a similar vein, the Central Bank of Nigeria has approved moratoriums on CBN facilities managed by Other Financial Institutions (OFIs). It reduced the interest rates on these facilities from 9% to 5% for a year, effective from March 1, 2020.

The CBN also allowed OFIs to restructure payment plans and grant moratoriums on principal payments from the same date. The Bank of Industry, which is an OFI, had already reduced interest rates and granted moratoriums on some of its credit facilities in April.

READ: CBN, Bankers’ Committee Decide Staff Lay-Offs In Banks