Mogo has introduced an affordable financial solution targeting bodaboda riders to enhance operators' financial stability while nurturing a savings culture among bodaboda and tuk-tuk riders.
Speaking during the launch, MOGO Head of Motorcycle Financing Jonathan Vohma said operators can access economical loans by utilizing their boda boda logbooks through the solution.
“The boda boda sector plays a pivotal role in driving Kenya’s economy, particularly within the rapidly evolving e-commerce sector. MOGO continuously monitors economic shifts, adapting and introducing new financial services as opportunities arise,” he said.
“We’ve witnessed inspiring success stories from customers who began with a single motorcycle financed by MOGO and progressed to managing multiple vehicles or entire fleets, creating additional income sources for themselves and their families.”
MOGO encourages operators to build substantial down payments, ensuring achievable daily installments and reduced interest rates, promoting overall financial ease.
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The company says it engages with local communities through regular meetings to gather feedback that shapes customer-centric processes.
“The positive reception to these new financial services, featuring lower interest rates in exchange for higher down payments, reflects a significant stride towards putting more money into the hands of customers,” Vohma emphasized.
“We also provide loan fine cancellations for cooperative customers genuinely facing financial challenges and encourage the purchase of lower cc bikes, such as 100 cc bikes, which are more economical and nearly as productive as higher cc bikes.”
Highlighting MOGO’s current strategic focus, Vohma emphasized the company’s strong commitment to the electric vehicle segment.
By embracing green-powered electric motorcycles, MOGO aims to assist riders in saving up to Kes 100,000 annually.
This initiative aligns with environmental sustainability while simultaneously delivering substantial financial benefits to the boda boda community.
