Financial services company Mogo has started offering boda boda and tuktuk operators several reasonably priced loan choices. Through these methods, the operators hope to strengthen their financial security and encourage a saving mentality among other riders.
By using their logbooks, boda boda operators and tuktuk riders can now find affordable loans with ease. Riders are able to cover a variety of obligations, from unplanned costs to medical bills and school fees, thanks to their financial flexibility.
Boda boda operators are now being encouraged by Mogo to accumulate a sizeable down payment. A sense of total financial ease is enhanced by this, as it not only guarantees manageable daily installments but also has the added benefit of lower interest rates.
“The Boda Boda sector has proven crucial to playing an integral part in moving Kenya’s economy, most notably through the fast-maturing e-commerce sector.
Mogo consistently monitors the economic landscape, adapting to changes and introducing new financial services as opportunities arise,” said Johannes Vohma, Head of Motorcycle Financing at Mogo.
“With a widespread network of over 20 branches nationwide, Mogo remains accessible to cater to the diverse financial requirements of boda boda riders.”
Online accessibility to the financing choices guarantees that riders around the country can investigate and utilise these financial services.
This demonstrates Mogo’s persistent commitment to provide the bodaboda and tuktuk communities efficient and easily accessible banking options.
“We have already received inspiring success stories from customers who initially began with a single motorcycle financed by Mogo. Over time, these individuals progressed to managing multiple vehicles and even entire fleets, thereby creating additional income sources for themselves and their families,” he said.
“The positive reception to these new financial services, featuring lower interest rates in exchange for higher down payments, reflects a significant stride towards putting more money into the hands of customers,” he added.
Vohma underscored the company’s strong commitment to the electric vehicle category and highlighted Mogo’s current strategic focus. Through the adoption of environmentally friendly electric vehicles, Mogo hopes to help users save up to Sh100,000 a year.
This project offers the bodaboda community significant financial advantages in addition to being in line with environmental sustainability.
