Brazilian banks launch financing programs for ride-hailing drivers

Financial institutions in Brazil are launching new credit and incentive programs aimed at ride-hailing drivers and taxi operators to facilitate vehicle acquisition.

Banco do Brasil has partnered with BYD under the federal Move Brasil Program. This initiative offers financing of up to R$ 150,000 for new electric vehicles, featuring terms of up to 72 months and interest rates starting at 0.91% per month for women and 0.99% per month for men. The partnership includes a support ecosystem providing insurance and personalized coverage.

Separately, Caixa Econômica Federal has partnered with the ride-hailing platform 99 to offer a cashback incentive. Drivers who finance a vehicle through Caixa via a dedicated WhatsApp channel can receive up to R$ 6,300 in cashback. This is distributed as R$ 350 monthly over 18 months, provided the driver completes at least 350 trips per month on the 99 platform and maintains their financial commitments with the bank.