By D, KNA
A non-governmental organization has embarked on financial literacy training for boda boda riders in Homa Bay County, aimed at uplifting their economic wellbeing.
The organization dubbed Mogo targets to train over 50,000 riders to encourage a culture of savings and investments.
Mogo Community and Events Manager, Sheila Nuni noted that the boda boda sector can transform the local economy, if the operators became financially disciplined and embraced the culture of savings.
Nuni said according to statistics, local boda boda operators earn an average of over 1,000 per day, but majority of them struggle to make savings.
The manager said Mogo has therefore taken the initiative to train the riders to improve their financial management skills
She said most financial problems the riders face are attributed to poor budgeting and the burden of unsustainable debts.
“Our objective is not only to assist boda boda operators acquire motorbikes on credit, but to capacity build on shrewd financial management. We want them to be able to make money and provide for their families,” Nuni said.
Speaking during the training in Homa Bay town, Nuni urged bodaboda riders to sign what they understand when taking loans.
She said they had also introduced a mobile application called Mogo App, which helps riders to follow up their transactions if they purchase motorbikes on loan.
“We’re supporting boda boda riders to become financially empowered. The sector has employed many people not only in Homa Bay, but across Kenya,” she said.
Homa Bay County Boda boda Association Chairman Ken Dede and his Rangwe constituency counterpart Kennedy Oure, welcomed the training saying it will instill fiscal discipline amongst riders.
“Lack of knowledge on financial management has led to defaults in loan repayment with motorbikes bought on loans being repossessed. We’re hoping that the training would change our financial behaviour,” Dede added.