President Uhuru Kenyatta has lauded the newly launched Boda Boda Investment Scheme, which was launched on Friday at the Nairobi Pumwani Social Hall. The scheme brings together Centum subsidiary Nano Capital, Capital Markets Authority (CMA), the Boda Boda Association Safety Authority of Kenya and Rubis Energy.
Under the scheme, boda boda operators will be able to save Kshs 50 per day via mobile money or mobile app, with the tech-enabled savings and investments platform provided by Nabo Capital. Nabo will manage the funds for the boda boda operators under CMA regulations. 100 boda boda riders will be first enrolled across the 47 Counties, with the ultimate target being 1.4 million riders.
The Boda Boda Safety Association of Kenya will partner with Nabo to mobilize its members to invest. As part of the deal, they’ll also get a Kshs 3 rebate for every litre fuelled at Rubis energy, which has 310 petrol stations countrywide. Speaking at the launch, President Kenyatta said the boda boda sector is a sleeping economic giant. He revealed that boda bodas ferry approximately 22 million Kenyans everyday, and the business supports, directly and indirectly, approximately 5.2 million Kenyans. The sector also generates a approximated Kshs 357 billion per year, “It means that what the government gives to Counties your association, if you work together, would make more than what we give to the 47 Counties,” said the President.
He said the Investment Scheme idea is timely, and will harness the resources accumulated in the sector, given that collectively boda boda riders, around 1.4 million, across the country get an average of 980 million. If each saves Kshs 50, translating to approximately Kshs 70 million per day, Kshs 490 million a week and Kshs 2 billion every month, “If they come under an investment scheme, organize themselves and with government support there is nothing they can’t achieve.”
He said with the money they earn in a month collectively, there can own what they want, “You can even tell Rubi , if you don’t add the rebate to 4 bob or 5 bob, we’ll open our own petrol stations,” he said. He further encouraged boda boda riders to take pride in what they do and pay the price to get what they want, seeing their value in the process and ensuring they pay themselves first, “Make sure at the end of the day you have what is rightfully yours first, before doing other errands.”