Approximately 300 bodaboda riders in Namanga, Kajiado County, Kenya, have received financial management training to help them manage their income, repay loans on time, and grow their businesses sustainably. The training, organized by Mogo, a financial asset company, aims to equip the riders with skills to borrow responsibly, save, and budget based on their income. The training covered essential topics such as understanding interest rates and repayment terms.
The training also focused on the importance of financial planning, understanding loan terms, and finding suitable solutions when faced with financial challenges. Becky Ngigi, Head of Communications and Public Relations at Mogo, emphasized that access to finance alone is not enough; people also need knowledge and skills to make informed financial decisions. The training aims to provide riders with tools to manage their income, fulfill loan obligations, and grow their businesses sustainably.
Alex Gitari, Chairman of the Kajiado County Bodaboda Riders Association, highlighted the importance of financial literacy for riders who rely on loans to purchase motorcycles and expand their businesses. He emphasized that riders should plan their income, considering operational costs, family needs, and loan repayments. The training comes at a time when Kenya is working to ensure that citizens who access financial services use them to improve their lives.
According to the National Financial Inclusion Strategy 2025-2028, 84.8% of Kenyan adults accessed formal financial services in 2024, but only 18.3% had a good financial health status. The bodaboda sector is estimated to generate Sh660 billion annually and supports over 2.5 million people in getting a livelihood. Mogo has pledged to continue supporting initiatives that promote responsible borrowing, effective financial management, and sustainable business growth.
The training is expected to have a positive impact on the riders' financial management and business growth. By acquiring financial management skills, riders can make informed decisions about their income, manage their expenses, and repay loans on time. This, in turn, can help them build a stable financial foundation and grow their businesses sustainably.
The initiative is also expected to contribute to the growth of the bodaboda sector, which is a significant contributor to Kenya's economy. By supporting riders with financial management skills, Mogo aims to promote responsible borrowing and sustainable business growth in the sector.
Mogo's initiative is a step towards promoting financial inclusion and literacy in Kenya. By providing riders with financial management skills, the company aims to empower them to make informed financial decisions and improve their livelihoods. The training is a testament to Mogo's commitment to supporting initiatives that promote financial inclusion and sustainable business growth.
Key points
- 300 bodaboda riders in Namanga receive financial management training.
- The training aims to equip riders with skills to borrow responsibly, save, and budget based on their income.
- The initiative promotes responsible borrowing, effective financial management, and sustainable business growth in the bodaboda sector.
