The Zamara Group (UBA) and the United Boda boda Association have formed a partnership to provide financial retirement security, as well as other insurance solutions, for Boda boda rider in Kenya.
Speaking at Sarova Stanley Hotel in Nairobi Thursday, Zamara Group CEO Sundeep Raichura stated that the Boda boda sector was an important contributor to the country’s economy as the earnings generated is estimated to be between Sh357 and Sh360 billion per year.
Raichura said that although there are approximately 450,000 Boda Boda Boda riders registered each year, around 200,000 of them lose their registrations due to old age, disability, or accident.
“There is therefore the need for riders to save for their own future and ensure they have adequate protection against all the risks they might face in life or work,” he added.
The CEO explained that anyone can open a secure savings insurance and pension account which will be linked to one’s national Identification card by registering using a mobile phone or visiting the “Fahari ya Bodaboda” website.
“If you have a track record to show that you have been putting aside some money for a period of six months, it forms the basis of you getting a loan at an affordable rate,” he added.
Raichura said that Zamara Group was looking for solutions that are simple and affordable as well as those that add value for members.
He said that this is the beginning of a journey that will enable a very important segment of the economy to be empowered to take control of their financial stability.
The CEO said that the partnership will transform the country and that UBA is working with them to find solutions to personal accidents, disability cover, and saving for housing.
Echoing Raichura’s statements, UBA Organizing Secretary Aggrey Vunyoli reiterated that they are partnering with the Zamara Group to be able to create a statement that will enable the riders to access cheaper finance at a lower rate.
Vunyoli stated that they had an original idea and were looking for partners in retirement benefits. Therefore, they partnered with Zamara Group and created a product to help boda boda owners.
By Mary Wangari, Manu Mumba
Source: kenyanews
