Some attendees participated in the training session held in Kisii.
By KPC Reporter
Asset financier Mogo has introduced a financial literacy initiative targeting boda boda operators throughout the Nyanza region, as part of efforts to encourage responsible borrowing and enhance riders’ financial stability.
The program, named “Elewa Mkopo Wako” (Understand Your Loan), intends to guide riders through every stage of the borrowing processfrom determining appropriate times to take loans, managing repayments, to addressing financial difficulties when they emerge.
During a training session in Kisii County, Sheilah Wangathi Munyi, Community and Events Manager at Mogo Kenya, explained that the initiative aims to equip riders with practical skills for making sound financial choices.
“We have developed an education program called Elewa Mkopo Wako to instruct people about loansappropriate times to borrow, strategies for handling repayment difficulties, and responsible financial management techniques,” Munyi stated.
Munyi highlighted that Mogo has implemented a mobile application allowing customers to monitor their loan status in real time.
“Our application offers complete transparency. Borrowers can precisely view their payment amounts, outstanding balances, and their progress in loan repayment,” she added.
She identified failure to thoroughly comprehend loan agreements as a significant challenge for both borrowers and the institution.
“Many individuals arrive in urgent situations seeking immediate funds. They sign contracts with the intention of reviewing them later. We strongly advise customers to fully read and understand all terms before leaving our premises,” she explained.
Munyi stressed that borrowers should only accept loans with favorable and manageable terms. She noted that Mogo permits loan restructuring in legitimate hardship situations.
“If a customer faces hospitalization, motorcycle breakdown, or inability to pay due to unavoidable circumstances, they can present their case and we will adjust the loan terms to provide additional time,” she clarified.
She further noted that in cases where a borrower passes away before completing repayment, responsibility transfers to the designated next of kin upon submission of a death certificate.
Mogo Kenya Brand Manager Nafthael Nyambane mentioned that the training primarily focused on boda boda chairpersons, providing them with information on loan restructuring and Mogo App usage so they can assist other riders.
Nyambane disclosed that all motorcycles financed by Mogo include tracking devices to improve security.
“The tracking system enables us to locate motorcycles in case of theft. If your tracker is inactive or malfunctioning, visit the nearest Mogo office for activation or maintenance,” he stated.
He also reminded customers of Mogo’s 24-hour emergency service, encouraging riders to contact whenever assistance is required.
Kisii County Boda Boda Chairman Jared Onsari Oirere welcomed the program, noting it addressed persistent concerns among riders regarding transparency and loan management.
“We have previously raised issues with Mogo about challenges riders encounter when obtaining loans. Previously, some were making payments without knowing their remaining balances. The new app has significantly enhanced transparency,” Oirere explained.
He revealed that Kisii County consists of nine sub-counties and two municipalities, with approximately 56,000 active boda boda riders operating across 186 stages in 45 wards.
Oirere also encouraged riders to maintain discipline and professionalism on the roads.
“We are advising our youth to avoid drug use, treat women with respect, and refrain from noisy exhausts and hazardous colored lights that impair visibility. All riders must attend driving school and acquire valid licenses to help decrease road accidents,” he said.
According to a Viffa Consult report, boda boda operators average KES 1,100 daily income, yet many struggle with savings and household expenses due to inadequate financial planning and unsustainable debt.
The report suggests combining loan programs with customized financial education covering budgeting, saving, debt management, investment approaches, and pathways to formal business expansion.