The planned capital injection will see the firm enter more cities and town centres in Kenya.

Early this year, the Estonian-based company announced that it would be pumping €500 million for its operations into Africa over the next two years.

“Significant milestones coming in 2024 for the Bolt business in Kenya include a planned investment of 100 million euros in the market to further increase our footprint across the country by expanding our services into more cities and town centres,” Bolt said in a statement.

Amid an operating licence renewal tiff with the National Transport and Safety Authority (NTSA), Bolt says that it is currently engaging the regulator.

“In response to the ongoing conversations on our licence renewal, Bolt would like to reaffirm our commitment to the Kenyan market,” the firm stated.

“Adherence to Kenyan regulations remains a top priority as it is foundational to building a long-term sustainable business that positively contributes to all stakeholders in the ecosystem,” it added.

“We remain open to collaborative dialogue with our regulator, driver partners and the wider public to continually ensure full compliance with regulation and expand income generation within our platform.”

Bolt adds that it has over time engaged the government as well as partner drivers to ensure guidelines provided by the state are met.

“As such, Bolt currently has a valid licence and is fully operational. As part of the ongoing annual licence renewal process, we will continue to work closely with the regulator for a fruitful result,” said the corporation.