Over 54,000 boda riders undergoing financial training in Homa Bay

More than 54,000 boda boda riders in Homa Bay have started undergoing training on financial literacy to encourage savings and avoid misuse of funds.

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It is reported that riders can create wealth in the boda boda sector and improve their living standard if they become financially disciplined and embrace the culture of saving.

Boda boda riders make money, but they end up being affected by inability to meet their household needs. Statistics indicate that boda boda operators earn an average of sh1,100 per day but most of them still struggle to save or meet household needs.

An organisation called Mogo has taken the initiative of training the riders to improve their financial management. Mogo Community and Events manager Sheila Nuni said that most financial problems the riders face are attributed to poor monetary planning.

The situation has contributed to the burden of unsustainable debts. Nuni said this has made many riders develop a perception that their work is not worthwhile.

“The objective is not only to provide boda boda operators with motorbikes on credit but to empower them too. We want them to be able to make money and provide for their families,” Nuni said.

Speaking on the sidelines of 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 on their transactions if they purchase motorbikes on loan.

“We’re supporting boda boda riders to become financially stable. The sector has employed many people not only in Homa Bay but across Kenya,” she said.

According to Homa Bay County Boda boda Association Chairman Ken Dede and his Rangwe constituency counterpart Kennedy Oure, the training will prevent financial mismanagement facing the riders.

“Lack of knowledge on financial management makes some of us suffer when their motorbikes bought on loans are repossessed. We’re hoping that the training would change our financial behaviour,” Dede said.

He said the knowledge on loans will help them to be good financial managers. “We have learnt that terms of a loan must be understood and it must be repaid,” Dede added.