Busia: Boda boda operators in Busia County have undergone financial literacy training aimed at improving their financial well-being and promoting responsible borrowing. The training undertaken by MOGO Kenya, a financial services company, brought together ward stage chairpersons from across the county and targets to reach at least 710 stage chairpersons, who are expected to cascade the knowledge to their members.
According to Kenya News Agency, speaking during the training held in Busia town, MOGO Western and Rift Valley Regions Manager Sospeter Mwaura said the Boda boda industry has provided employment opportunities to many young people, hence the need to equip them with financial management skills. Mwaura emphasized the importance of understanding financial management to prevent debt traps and encouraged operators to join SACCOS, save, and invest.
MOGO Community and Events Manager Sheila Nuni noted that many operators face challenges in repaying loans due to a poor understanding of loan terms and conditions. She advised Boda boda operators to fully understand loan terms before signing documents to avoid issues like repossession. Nuni also highlighted the importance of maintaining proper financial records to improve loan access.
Nuni further recommended installing trackers on motorcycles to curb theft in the county, particularly given Busia’s proximity to Uganda. She advised operators to report any tracker alerts promptly for timely recovery.
During the event, MOGO launched the MOGO App, a mobile application designed to enhance transparency and give customers greater control over their loans. MOGO Busia Branch Manager Maurice Kandie explained that the app allows customers to manage payment schedules, track instalments, and access payment statements, thus promoting transparency and responsible repayment.
Kandie also cautioned operators against sharing sensitive loan information to avoid criminal activities. He noted cases where operators lost motorcycles shortly before clearing loans due to information leaks.
Busia County Boda boda Chairman Bonface Okumu welcomed the training and the app launch, stating it will help operators better monitor repayments and focus on growth. Okumu expressed optimism that the financial training would help operators avoid debt, benefiting their lives and families.
