MOGO launches affordable financing for boda boda operators

james wika December 18, 2023

MOGO unveils affordable financing solutions easing financial pressure on boda boda operators;

MOGO, a leading financial services provider,has introduced a range of affordable financing options for boda boda operators.

These solutions are designed to enhance the financial stability of operators while nurturing a savings culture among both boda boda and tuktuk riders.

Boda boda operators can now access economical loans by utilizing their boda boda logbooks.

This financial flexibility empowers riders to address a variety of financial needs, spanning from education expenses and medical bills to unforeseen emergencies.

Accessible online or at any of MOGO’s nationwide branches, these financing options ensure convenient access for riders to explore and leverage these financial services.

This underscores MOGO’s steadfast commitment to delivering accessible and seamless financial solutions for the boda boda and tuktuk communities.

“The boda boda sector plays a pivotal role in driving Kenya’s economy, particularly within the rapidly evolving e-commerce sector.

MOGO continuously monitors economic shifts, adapting and introducing new financial services as opportunities arise,” said Mr Johannes Vohma, Head of Motorcycle Financing at MOGO.

“We’ve witnessed inspiring success stories from customers who began with a single motorcycle financed by MOGO and progressed to managing multiple vehicles or entire fleets, creating additional income sources for themselves and their families.”

For instance, a client engaged in deliveries started by renting a motorcycle and eventually purchased multiple boda bodas, establishing additional income streams.

Similarly, a businesswoman expanded her ventures by purchasing a boda boda from MOGO, later leveraging her success to acquire a car financing loan.

MOGO encourages operators to build substantial down payments, ensuring achievable daily instalments and reduced interest rates, promoting overall financial ease.

The company actively engages with local communities through regular meetings to gather feedback that shapes their customer-centric processes.

“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,” Johannes emphasized.

“We also provide loan fine cancellations for cooperative customers genuinely facing financial challenges and encourage the purchase of lower cc bikes, such as 100 cc bikes, which are more economical and nearly as productive as higher cc bikes.”