Mogo, a leading financial services provider, has introduced a range of affordable financing options for bodaboda and tuktuk operators.
These solutions aim to fortify the financial stability of the operators while fostering a culture of savings within the broader rider community.
Bodaboda operators and tuktuk riders can now easily access cost-effective loans by utilizing their boda or tuktuk logbooks.
This financial flexibility enables riders to meet diverse financial needs, ranging from school fees and medical bills to unforeseen expenses.
Mogo has also embarked on encouraging bodaboda operators to build up a substantial down payment. This not only ensures achievable daily installments but also comes with the added benefits of reduced interest rates, contributing to an overall sense of financial ease.
“The Boda Boda sector has proven crucial to playing an integral part in moving Kenya’s economy, most notably through the fast-maturing e-commerce sector. Mogo consistently monitors the economic landscape, adapting to changes and introducing new financial services as opportunities arise,” said Johannes Vohma, Head of Motorcycle Financing at Mogo.
“With a widespread network of over 20 branches nationwide, Mogo remains accessible to cater to the diverse financial requirements of bodaboda riders.”
The financing options are easily accessible online, ensuring nationwide riders can explore and leverage these financial services. This underscores Mogo’s unwavering dedication to providing accessible and seamless financial solutions for the bodaboda and tuktuk communities.
“We have already received inspiring success stories of customers who initially began with a single motorcycle financed by Mogo. Over time, these individuals progressed to managing multiple vehicles and even entire fleets, thereby creating additional income sources for themselves and their families,” he said.
In addition to offering financial solutions, Mogo actively engages with local communities by conducting regular meetings to gather feedback and shape 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,” he added.
Highlighting Mogo’s current strategic focus, Vohma emphasized the company’s strong commitment to the electric vehicle segment.
By embracing green-powered electric vehicles, Mogo aims to assist riders in saving up to Sh100,000 annually.
This initiative aligns with environmental sustainability while simultaneously delivering substantial financial benefits to the bodaboda community.