Steve Agbota
In order to secure people’s credit card details from public, a bus-hailing service, PlentyWaka, has integrated cashless policy into its transportation system with Wakapurse, which enables riders transfer money from their account into the purse through its mobile app.
To this end, the company has upgraded its current mobile app to a higher version, Plentywaka 2.0, to make the system more effective and users friendly.
However, the Wakapurse, which is one of the features on the upgraded version of the app enables users to transfer funds from their wakapurse to the purses of other Plentywaka users.
Speaking at a test driving with newsmen during a press briefing last week in Lagos, the company’s Managing Director, Enagwolor Johnny, said the bus-hailing PlentyWaka launched with 25 buses with aim of changing the mode of transportation system in the country.
According to him, PlentyWaka makes riders getting from point A to B simpler and more efficient than the old danfos and keke Napep. He said the bus-hailing provides a source of income for drivers and vehicle assistants, create a safe and convenient transport system for bus drivers, reduce traffic congestion and the number of cars on the Lagos roads.
As the brand well accepted, he said the 25 buses was no longer meet the demands of the users, hence the platform has launched the PlentyWaka Vehicle Partnership Scheme, which allows interested investors onboard buses on the platform and earn returns on investment.
He added: “WakaPlenty will allow investors to bring buses to the platform and earn return.
On the sharing of revenue formula, he said that PlentyWaka get the remaining 30 per cent of the revenue while investors get 70 per cent of the revenue generated from the bus they actually put on the platform.
He said another option of the partnership is finance reason whereby people who wants to partner with PlentyWaka and don’t have buses can actually bring 30 per cent equity contribution of the total cost of the capital or the asset of the bus they want to buy.
He hinted, “we have signed a pact with a finance company that will now finance the asset. All investors have to do is to provide 30 per cent equity on that asset and then, we finance the asset for you. When we put the bus on the system, we actually guarantee the finance company, the revenue you generate from that asset, 70 per cent of the revenue will be paid to the finance company as part of repayment for the loan that was given to the asset and 30 per cent will be paid to the partner that will now eventually become the owner of the asset.”
As the company plan to expand to other part of Lagoa, he said a couple of people have already signified their interest, saying the company is looking at achieving about 100 buses before first week of January.
He stated that since launching Plentywaka in September with CMS to Ajah and Ajah to CMS being the pilot routes, Plentywaka has since added more routes to reach out to more road users.
Said he: “We launched with the Ajah-CMS route, but we had to extend our route to Abraham Adesanya. So, right now, we are actually operating Abraham Adesanya to Ajah. We also launched another new route, which is Ahmadu Bello, Eko hotel to Ademola Adetokunbo back to Ajah.”