•The platform will see the boda riders build a nest egg by saving Sh50 per day.
•The scheme will begin by enrolling 100 riders from each of the 47 counties, gradually building up to cover 1.4 million boda boda riders countrywide.
Nabo Capital, a subsidiary of Centum Investment Company Plc, has launched a collective scheme that will provide boda boda riders with a tech-enabled savings and investments platform.
The platform will see the boda riders build a nest egg by saving Sh50 per day.
Nabo Capital will manage the funds in the Collective Investment Scheme (CIS) for the boda boda riders, under the strict regulations of the Capital Markets Authority (CMA).
The scheme will begin by enrolling 100 riders from each of the 47 counties, gradually building up to cover 1.4 million boda boda riders countrywide.
“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 Group CEO James Mworia.
The Boda Boda Safety Association of Kenya will partner with Nabo Capital in mobilizing its members to invest in the scheme.
The riders will make the daily contributions via mobile money though a USSD number or mobile app and stand to earn interest at a rate higher than bank deposits and the 364-day Treasury Bill.
“The plan is to develop and progress them in life, to move from riding a boda boda, to owning one, to running a fleet,” said the Nabo Capital Managing Director, Pius Muchiri.
Members will also earn a fuel rebate of Sh3 for every litre fueled at Rubis petrol station.
The Boda Boda fund shall be the first sub-fund under the umbrella collective investment scheme dubbed Uhuru Sovereign Trust Fund that targets the youth and Kenyans working in the informal sector.
The platform, intended to promote financial inclusion and financial freedom, has been developed by Centum through its subsidiary companies including Nabo Capital, Sidian Bank and Tribus TSG.