Faulu Microfinance has signed a deal with listed auto assembler Car & General to finance active boda boda self-help groups to acquire motorcycles.
Faulu Kenya Managing director Apollo Njoroge said participating operators would also receive financial literacy training to enable them to repay the motorcycle loans while saving money for personal development.
Mr Njoroge said Faulu would facilitate the purchase of the motorcycles, provide insurance as well as have them fitted with an antitheft device.
“The new product also includes a last-expense benefit in the unlikely event that beneficiaries perish from road accident-related injuries,” he said.
Car & General Trading Kenya Managing Director David Chesoni said buyers would enjoy aftersales support from its technicians.
According to the Motorcycle Assemblers Association of Kenya, boda boda operators earn at least Sh1,000 daily or Sh219 billion in annual turnover.