Centum Investment and its Subsidiary Noba Capital have launched a Boda Boda Collective Investment Scheme targeting motorcycle riders in Kenya.
The scheme will include a daily contribution of Shs 50 with a target of over 1.4 million in Kenya.
Dubbed Uhuru Sovereign Trust Fund, the investment vehicle will be accessible to motor vehicle operators through a USSD messaging service, which enables riders to buy units using their mobile wallets. The initial target is 100 riders from each county.
The fund was launched at the Pumwani Social Hall by President Uhuru Kenyatta on Friday. Other goodies offered by the President were higher interest rates above the market average and discounted prices on the purchase of accessories and lubricants.
Nabo Capital Managing Director Pius Muchiri said the new product was aimed at nurturing the saving culture for Boda Boda riders to improve livelihoods.
As an incentive to the riders, Mr. Muchiri said that for every liter of petrol bought at Rubis petrol stations, riders will enjoy an Shs 3 rebate.
Centum owned Sidian Bank will be the custodian for the product developed by Tribus TSG.