PlentyWaka Promises Exciting Days Ahead, Intensifies Reduction Of Traffic Gridlocks On Lagos Roads
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By Rommy IMAH
Three months after launch, PlentyWaka, an innovative bus-hailing services provider, is gradually becoming a big brand that people are getting proud of, going by the positive disruptions it has brought to the transportation system in some parts of Lagos.
PlentyWaka, a technology-driven bus-hailing services provider that offers convenient, safe and comfortable bus rides to daily commuters aims to massively improve the public transportation system in Nigeria by making daily commute easier for bus riders through a bus-hailing app.
Speaking to journalists in Lagos after a test drive of the innovative buses, using its recently upgraded app, PlentyWaka 2.0, Managing Director of PlentyWaka, Mr. Johny Enagwolor said the bus-hailing services provider has moved around over 25,000 riders since the launch in September.
Enagwolor, who described the feedback the company has been receiving since launch as amazing, said the on-demand bus-sharing provider has expanded its coverage areas from Ajah to Abraham Adesanya to include Ahmadu Bello Way to Ademola Adetokunbo in Victoria Island Lagos.
“The PlentyWaka app has enjoyed over 15,000 downloads since we launched with 25 buses in September. People are enjoying our services right now. We have launched the PlentyWaka partnership. And there are plans now for people to bring buses on the platform and earn returns.
“What we have done so far is actually to use the 25 buses we have gotten so far, to test the model and set a standard. People are used to the standard we have right now, they enjoy the services we have right now. They enjoy comfort, convenience, and safety and the feedback is amazing. We have returned valuables to riders who forget them in the bus.
“If you onboard your vehicle on our platform, you are guaranteed of revenue generation of between N500, 000 to N800, 000 every month. The sharing formula is that PlentyWaka gets 30% while our partners get 70% of the revenue generated,” Enagwolor explained.
The Managing Director further stated that the partnership would allow intending partners who do not have buses to onboard the platform to invest 30% equity of the total cost of capital, adding that there is already a partnership in place with a finance firm to fund the remaining 70% equity in a finance leasing option.
“Once revenue is generated, 70% will be paid to the finance company while 30% will be paid to the partner who will eventually become the asset owner. We equally have a plan in place whereby after three years of driving the bus, the driver automatically becomes the owner of the bus, and would decide whether to have it onboard if it’s still road worthy or use it elsewhere.
“The buses are currently owned by the drivers while the company is only getting returns on investment. It is true that the drivers have particular targets to meet on daily, weekly and monthly basis but their inability to meet with the target for one reason or the other, does not result to anything bad but the target is rolled over.
“As a company, we shall ensure that our standard and quality are maintained. We have a firm that ensures quality control and assurance in our buses. And this we will replicate in the buses coming through our partners. We shall never compromise standard and quality,” Enagwolor said.
He said that one way of taking care of the increasing demand of riders on PlentyWaka platform is by having more buses and therefore, revealed that plans are underway to roll out additional 100 buses before the first week in January 2020.
Afolabi Oluseyi, Vice President Operations at PlentyWaka explained that some of the features that are in the upgraded PlentyWaka App 2.0 include one that allows riders to be authenticated with their phone numbers as well as allows a rider to book more than a seat per bus.
“The user experience is better now; you can now credit your Wakapurse, fund it with a minimum of N1, 000, and transfer to another rider. Riders can now swiftly undergo boarding via the unique barcode, be authenticated via phone number as well as enjoy easy navigation,” Oluseyi said.
Analysts believe that PlentyWaka, Nigeria’s premier technology driven bus-ride sharing solutions provider has changed the face of the transportation landscape in Lagos. It has since inception, been providing a source of income for young Nigerians, in addition to creating a safe and convenient transport system for bus drivers.