Nakuru: Nakuru County and the Kenya Commercial Bank (KCB) are collaborating on a financial services model aimed at providing affordable and flexible financing solutions to the Boda boda sector. Governor Susan Kihika announced that the ‘Boda Boda Fund,’ expected to launch in August, will not only financially boost the sector but also create employment opportunities for the youth.
According to Kenya News Agency, the initiative will include financial literacy programs for operators to promote effective fund management. Governor Kihika highlighted that many operators lack access to funding necessary to start additional business ventures. During a meeting with KCB representatives, she emphasized the critical role of boda boda operators in the local economy, noting their substantial contribution to economic activities, community connectivity, and employment creation.
Governor Kihika stressed the importance of protecting legitimate operators while ensuring law and order. The fund aims to assist thousands of young individuals in acquiring motorcycles through affordable deposits and manageable repayment plans. The boda boda sector is one of Kenya’s largest sources of informal employment, providing essential transport services in areas with limited public transport options. Motorcycles serve as vital links between homes, markets, schools, and health facilities in Nakuru.
With more than 2.4 million motorcycles operating in Kenya, the sector has become a major informal employer, offering jobs to many youths who might otherwise remain unemployed. The governor noted that the industry fills a critical gap in Kenya’s transport system by offering swift, affordable, and accessible transport solutions where conventional options are lacking. Boda boda operators navigate challenging roads, reach remote areas, and provide last-mile connectivity.
Governor Kihika defended the majority of operators as law-abiding and hard-working citizens, despite the sector’s occasional criticism for indiscipline and crime associations. She condemned criminal elements while assuring that enforcement measures would be fair and targeted. She encouraged operators to participate in community policing efforts, leveraging their unique neighborhood connections for intelligence sharing and public safety.
The governor called on operators to take advantage of government initiatives like the Affordable Housing Programme and Universal Health Coverage. She also highlighted the Wezesha Fund, a Sh100 million loan initiative designed to empower small-scale businesspeople and farmers with affordable credit. The fund, distributed through KCB Bank, targets registered self-help groups and cooperative societies, offering loans from Sh50,000 to Sh5 million.
Governor Kihika encouraged small traders, boda boda riders, Community Health Promoters (CHPs), women, and youth to join Saccos or registered groups to qualify for funding. She reported that a significant number of CHPs have already joined the Nakuru CHP Sacco and urged residents to register for the Social Health Authority program to enhance healthcare access.
She reminded beneficiaries that the Wezesha Fund is a loan and not a grant, emphasizing the importance of timely repayment to ensure continued access to credit. Governor Kihika called for collaboration with donors, financial institutions, and the private sector to expand the fund through grants and co-financing opportunities.
