• Unchorlight is a mobility fintech firm that delivers a rent-to-own finance service known as ZARIBEE for boda boda riders in Kenya.
• This will allow riders to acquire their own rides after a period of time.
Image: HANDOUT
Lami Technologies has announced a partnership with Unchorlight Kenya to bring financial security for boda boda riders.
They aim to provide them with access to suitable and reliable insurance covers.
Unchorlight is a mobility fintech firm that delivers a rent-to-own finance service known as ZARIBEE for boda boda riders in Kenya.
ZARIBEE services aim to empower riders with easier access to motorcycles by supporting them with affordable digital credit.
This will allow riders to acquire their own rides after a period of time.
These services also support riders to form a reliable community in which they grow together.
Through the partnership with Lami, a digital insurance provider, UNK will offer its riders protection with motorcycle insurance and personal accident cover.
These essentials will enable riders to keep striving while achieving their day-to-day goals with minimal disruptions to their livelihoods.
This partnership is also harnessed towards bridging the insurance gap by providing affordable, efficient and relevant insurance.
It seeks to protect riders and their customers from financial losses in the case of an accident or other incidents.
It will also help increase the safety and reliability of boda boda services for customers.
The boda boda sector continues to promote the transport sector in Kenya, in both rural and urban areas as it is very efficient and remains a source of livelihood for many.
Unchorlight Kenya CEO Renji Morita said that they are committed to growing Kenya’s boda boda sector.
He said that working with partners such as Lami Technologies to introduce digital insurance solutions will not only promote an inclusive society but will also benefit riders, passengers, and the economy at large.
“Since we launched ZARIBEE, we have been working tirelessly to improve the working conditions for boda boda riders,” Morita said.
“Through this digitised insurance process, Lami has eased the entire insurance process by providing instant certificate issuance which serves the needs of our clients and aligns with objectives to transform the lives of boda boda riders across the country.”
Lami Technologies head of business growth Waithera Thinguri said that with the number of riders growing year by year, it is important to address the insurance gap in the subsector.
“We are proud to have partnered with Unchorlight in leveraging our technology to launch reliable and suitable insurance coverage for boda boda riders, an integral part of Kenya’s economy,” she said.
“With thousands of people using boda boda’s daily, our digital insurance platform integrated into this solution will have a substantial and positive impact on driving inclusive growth for riders in Kenya.”
According to Car & General 2022 report, there are 1.2 million boda boda riders in Kenya.
Nine out of ten riders are used for commercial purposes which represent over one million jobs created.
Of this, 75 per cent are youth, six per cent are women who subsequently contribute to 3.4 per cent of the country’s GDP.
According to the National Transport and Safety Authority (NTSA), 30 per cent of road accidents involve boda bodas.
A statement by the two firms said their focus on the boda boda industry has primarily been on financing solutions, overlooking safety and insurance.
As of 2020, the insurance penetration rate in Kenya decreased to 2.17 per cent, down from 2.34 per cent in the preceding year.