Earlier in the week, CrowdyVest Holdings (CV Holdings) launched PlentyWaka -- a bus-hailing service -- in Lagos.
According to the managing director of PlentyWaka, Johnny Enagwolo, the service that has started operations with 25 buses is now available for passengers commuting on routes between Ajah and CMS, although there are plans to expand to other routes in the coming weeks.
"We are currently on the pilot run with 25 buses and we hope to go full-scale soon. Right now, we are doing free promo for all commuters that are coming onboard."
To make use of the service, passengers will need to download the PlentyWaka mobile application, book a bus taking their intended route, make a card payment and wait at the designated bus stop.
Going to work? Or meeting up with the squad? Book a seat and ride in style!
What's more?! Your first two rides are on us!
— Treepz (@TreepzHQ) September 16, 2019
A verification code to enable identification of the bus is then sent to the passenger. As soon as the bus arrives, the vehicle assistant crosschecks the code presented by the passenger to ensure a match; following this verification, the passenger is allowed to get on the bus and make the trip.
The launch of the bus-hailing service is coming months after Opera-backed platform, OPay, introduced OBus and the Egyptian bus-hailing service, Swvl, expanded to the Nigerian market. So far, no service has been dominant and the ground looks level enough for all players to grow.
PlentyWaka has a policy on making drivers become bus owners after three years of driving with the company. However, for now, the funding required for the operation of the buses is provided by sponsors through Crowdyvest.
"The idea is to make sponsors partner with bus drivers. We get the buses through Crowdyvest and purchase them on behalf of the drivers. They will then own the buses after three years," CEO of CrowdyVest Holdings, Onyeka Akumah, told Techpoint during a call.
Crowdyvest is the investment arm of CV Holdings which connects sponsors to investment opportunities. The platform has made it possible for different individuals to crowdfund the PlentyWaka service with the promise of a 22% return on investment.
Need extra income? Why not sponsor brand new @PlentywakaNG buses for better commute in Lagos.
With just N60,000/unit you can earn a whooping 20-22% return on your sponsorship with multiple payback options!
— Treepz (@TreepzHQ) September 17, 2019
Like Farmcrowdy and Crowdyvest, PlentyWaka is part of the portfolio companies under CrowdyVest Holdings.