National Transport and Safety Authority (NTSA) Director of Road Safety Bado Katelo addresses members of the Boda Boda Safety Association of Kenya outside the Pumwani Social Hall in Nairobi on October 23, 2020, before President Uhuru Kenyatta held a meeting with them. Also present was Kamukunji MP Yusuf Hassan (seated centre). PHOTO FRANCIS NDERITU | NMG
Nabo Capital, a subsidiary of Centum Investment, has launched a Sh50 daily savings scheme targeting Kenya’s 1.4 million boda boda riders.
Dubbed Uhuru Sovereign Trust Fund, the investment vehicle will be accessible to the motorcycle operators via a premium text messaging service, which enables the riders to buy units via their mobile money wallets. The scheme's initial target is 100 riders from each county.
Members of the fund, launched at Nairobi’s Pumwani Social Hall by President Uhuru Kenyatta on Friday, will see their savings attract an interest rate higher than that of bank deposits currently at 6.64 percent and the 364-day Treasury Bill which stands at 7.84 percent.
Nabo Capital Managing Director Pius Muchiri said the new product was aimed at nurturing a savings culture among boda boda riders thereby improving their livelihoods.
"The plan is to develop and progress them in life, to move from riding a boda boda, to owning one, to running a fleet,” Mr Muchiri said.
As an incentive to attract more savers, Mr Muchiri said for every litre of petrol bought at Rubis petrol stations, riders will enjoy a Sh3 rebate.
“This is about empowering the youths and giving them a chance to build stability in their lives by scaling up their businesses to the highest levels attainable,” said Centum CEO James Mworia.
Centum-owned Sidian Bank will be the receiving bank for the product that is riding on a mobile application developed by Tribus TSG.
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