Keke Napep Hire Purchase Agreement, Tricycle Price and List of Keke Companies

In Nigeria, the term Keke Napep describes a type of tricycle that serves as a form of public transportation in urban and rural areas. It is a popular name for tricycle across the country. In Lagos, it is called Keke Marua.

The word “Keke” originates from the Yoruba word “kekere,” meaning “small,” while “Napep” is an acronym for the “National Poverty Eradication Program.”

Keke Napeps is a popular and cheaper means of public transportation because of its cost-effectiveness and ability to cover short distances within urban and suburban areas.

Their characteristics include a compact size, affordability, and the ability to wade through congested traffic.

Although it is small in nature, it is quite expensive due to poor currency conversion of the US dollar to Naira. So, it is not really cheap these days to some people.

Due to high unemployment in Nigeria, most unskilled youths as well as low income earners and unemployed graduates depend on it for daily income. Most keke riders resort to getting it with hire purchase agreement to help them provide for their families.

Types of Keke Napep (Marua) Tricycle in Nigeria

TVS
RE
BAJAJ
JINJIANG CHAOTE

How Much is Keke Napep sold in Nigeria?

The price for Keke Napep in Nigeria is between N1,200,000 to N1,500,000 naira depending on the make you buy. It is sold in the 36 states of Nigeria. Contact a keke Napep sellers for more details. You can also buy fairly used keke (second hand tokumbo) at the rate of N300,000 to N800,000 naira depending on the value of the tricycle.

Keke Napep Higher Purchase Price in Nigeria

Keke Marua higher purchase price in Nigeria is between N1,700,000 to N2,000,000 naira. This pricing depends on the owner of the tricycle. You can negotiate with the owner for a more affordable price and repayment plan.

How Much does Keke Napep Rider Balance Daily or Weekly?

The Keke Napep rider balances between N4,500 to N7,000 naira daily and N31,500 to N49,000 naira weekly. Normally, the keke Marua rider makes payment to the owner of the tricycle through their bank account.

Which documents does a keke rider Needs?

Visit any motor licensing centre or revenue centre including VIO office to apply and get your vehicle documents. The list of vehicle papers includes;

Proof of ownership
Road worthiness
Insurance
Receipt of Motor
Police extract
Drivers license

What is a Keke Napep Hire Purchase Agreement?

In a keke hire purchase agreement, the owner/seller lease out the tricycle on hire to the hirer, who pays the total cost in instalments. The payment period for Keke Napep in Nigeria is usually for one year.

The hirer becomes the owner of the tricycle after completing the payment of the last instalment.

Hire purchase agreements involve two elements: the first being the bailment of goods for hire, and the second being the sale of these goods.

This agreement outlines the terms, conditions, and promises between the seller and the hirer/purchaser.

Other products like, cars, air conditioners, refrigerators and other electronics can also be bought through hire purchase.

Example of Keke Hire Purchase Agreement Document (Sample Copy)

This day being ______ of ________________ (the year), I, Mr ___________________________________ of No________________________________________________ hereby undertake a hire purchase agreement of a Tricycle with Registration No __________________, Chassis No ___________________,Engine No_________________________ belonging to ___________________________________ under the following terms that: I will be delivering the sum of ______________ on a weekly basis every week without hesitation for the period between ________________________ to ________________________ being the period of the contract and the delivered accumulated money will be equal to ******* (total price) being the Hire Purchase Price of the Tricycle.

I hereby undertake to oversee both the running and maintenance cost as well as safekeeping of the tricycle (Keke Napep) for the period under this contract. In the event of failure to or any breach of the above conditions, I would forfeit the said tricycle and monies already paid to the aforementioned person.

Why Keke Hire Purchase Agreement is Important

Categorically, both parties have to keep to the terms of the agreement. This is because it is a binding document between both of them.

This step is significant as it clearly states all the rights and liabilities of the parties, thereby preventing potential legal issues and confusion in future.

One of its primary objectives is to function as proof of the sale and hire/purchase of the tricycle. It further ensures the protection of the interests of both the seller and the purchaser. This document is a legal and can be enforced in a court of law.

What should Keke Napep Hire Purchase Agreement cover?

Below is a list of what to expect in any hire purchase agreement including that of a Keke Napep:

The parties must provide their relevant personal details, including full names, residential addresses, and ages, in the agreement.
The agreement should specify details of information about the goods on sale, including the name, type, model number, etc.
Clearly define the duties and responsibilities of each party and outline their interactions.
Clearly state the consideration or price for the goods, along with detailing the payment duration and method (whether in installments or otherwise, as applicable).
Define the agreement’s duration or term, indicating the period it remains effective.
The agreement should articulate the consequences if either party fails to fulfill its obligations, through a well-defined penalty clause.
The warranty details must be included, outlining the agreed-upon product and service warranties.
Address general clauses comprehensively, covering aspects like agreement termination, applicable laws, dispute resolution mechanisms, confidentiality provisions, and intellectual property rights.
Record the date when the parties sign the agreement.

Documents Required for Keke Napep Hire Purchase Agreement

There is no specific documents one has to have for the drafting and execution of an agreement for hire purchase.

However, ID proofs of the parties in order to confirm the names and permanent addresses of the seller and purchaser should be scrutinised.

Documents with evidence to clear title of the keke and the seller in question should also be examined. Additionally, documents stating the warranty and guarantee of the goods could be examined too.

Life of Keke Manufacturing Companies in India and China

Qingdao Vanstone Industry Co., Ltd.
CHANGZHOU TRUE POWER MACHINERY CO., LTD.
NINGBO COCOMAG INDUSTRY CO., LTD.
Chongqing Dunya Industrial Co., Ltd.
Xianghe Qiangsheng Electric Vehicle Manufacturing Co., Ltd.
Taian Ocean Pump Co. Ltd.
Qingdao Oguan Rubber Products Co., Ltd.
Hebei Zhenghuang Tyre Co., Ltd.
Tianjin Baishan Electric Bicycle Co. Ltd
Hangzhou Keke Textile Co., Ltd.

Conclusion

The Keke Napep hire purchase system shows off the evolution of easy, accessible and affordable urban transportation solutions.

This innovative approach addresses the mobility needs of individuals and helps to decongest city environments and empowers aspiring entrepreneurs to pursue financial growth and independence.

It bridges the gap between mobility and economic opportunity, enhancing short-distance travel convenience and contributing to community socio-economic development.

This fosters a future where convenience, entrepreneurship, and progress meet effortlessly.

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