Boda boda operators in Busia County have undergone financial literacy training aimed at improving their financial well-being and promoting responsible borrowing.
The training undertaken by MOGO Kenya, a financial services company, brought together ward stage chairpersons from across the county and targets to reach at least 710 stage chairpersons, who are expected to cascade the knowledge to their members.
Speaking during the training held in Busia town, MOGO Western and Rift Valley Regions Manager Sospeter Mwaura said the Boda boda industry has provided employment opportunities to many young people, hence the need to equip them with financial management skills.
“Many people depend entirely on the Boda boda sector for their livelihood. For this reason, it is important that they understand how to manage their finances responsibly and borrow wisely so that they do not fall into debt traps. We are encouraging them to join SACCOS, save regularly, and invest, as this will improve their financial well-being,” said Mwaura.
MOGO Community and Events Manager Sheila Nuni noted that many bodaboda operators face challenges in repaying loans due to a poor understanding of loan terms and conditions.
“We are advising Boda boda operators to fully understand loan terms before signing any documents. In some cases, people sign without checking interest rates and other conditions, which has led to their motorcycles being repossessed,” she said.
Nuni further urged Boda boda operators to maintain proper financial records, noting that this improves their chances of accessing loans.
“In any lending institution, including MOGO, we assess an individual’s financial records. That is why we are urging operators to keep clean records so they can access financing without difficulty,” she added.
She also encouraged Boda boda operators to install trackers on their motorcycles to help curb the rising cases of theft in the county.
“Busia is a border county, and motorcycles can easily be taken across into neighbouring Uganda. When alerted that a tracker signal has gone off, operators should report immediately to enable timely follow-up and recovery,” she said.
During the event, MOGO also launched the MOGO App, a mobile application designed to enhance transparency and give customers greater control over their loans.
“The app allows customers to access payment schedules, track instalments, view arrears or overpayments, and download payment statements. This will enhance transparency, convenience, and responsible repayment by keeping customers informed at all times,” said MOGO Busia Branch Manager Maurice Kandie.
Kandie further cautioned operators against sharing sensitive loan information, noting that this has exposed many to criminal activities.
“We have witnessed cases where Boda Boda operators lose their motorcycles just days or months before clearing their loans because they disclose too much information. This makes them vulnerable to criminals,” he said.
Busia County Boda boda Chairman Bonface Okumu welcomed the training and the launch of the app, saying it will help operators better monitor their repayments.
“The MOGO App is good news as it improves transparency by putting all loan information directly in the hands of our members. This financial training will help Boda boda operators focus on growth and avoid debt, which has negatively affected many lives and families,” Okumu said.
By Rodgers Omondi & Moses Wekesa
