advertisement
Companies

KCB, Visa to digitise boda boda payments

boda boda
A boda boda operator transports a passenger in Nairobi. PHOTO | SILA KIPLAGAT | NMG 

Boda boda operators could soon be able to make and receive payments while simultaneously boosting their savings following the launch of a cashless pay product by KCB Group #ticker:KCB and Visa.

The solution allows motorcycle taxis to digitise payments via mobile phone with the funds going directly to their bank accounts, a move that is aimed at boosting financial inclusion among operators in the transport segment.

“We are looking at helping boda-boda operators enjoy banking services like other Kenyans while enhancing the safety of their money as well as their own security.

“This is the best way to restore integrity in boda boda operations where riders are recognised for their contributions towards building the national economy,” KCB retail banking director Anastacia Kimtai said Wednesday.

Visa country manager Victor Ndlovu said the platform aims at enhancing rider-passenger safety while enabling both to enjoy know-your-customer services at no cost.

advertisement
 

“Our task is to build products that enhance the security of riders as well as the safety of passengers.

“This is fraud-free and improves on the ongoing agenda to enhance financial inclusion via use of technology,” he said.

The Boda Boda Safety Association of Kenya (BAK), a motorcycle riders lobby group, is also a part of the partnership that will kick off with a three-month pilot in Nairobi using 100 operators before a national roll-out.

To access the service, boda-boda riders must open a KCB account and will be given a QR code that one uses to deposit money into one’s account.

The rider then receives a message on one’s mobile phone confirming payment.

Kenya has about 1.2 million motorcycles used in the passenger transport business.

The BAK said the deal would also cover crowdsourcing of riders’ gear where Visa and KCB will settle half of the costs with operators paying the rest.

advertisement