Co-operative Bank has partnered with a German development agency to enhance employment opportunities and safety of motorcycle riders.
Through the Co-operative Bank Foundation, the lender and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) look to tap into the boda boda market by offering riders business skills, digital tools and road safety training aimed at reducing the high rate of accidents.
GIZ Country Director Bodo Immink said the project would help create jobs in the sector, which is estimated to be worth Sh200 billion.
“Initiating and supporting sustainable development is what we do together with our partners. With this project we are setting the stage for urban and sustainable mobility,” he said.
The project will first be implemented in the Coast, Eastern and Central regions of Kenya, after which it will be rolled out to other parts of the country.
The foundation will be engaging the boda boda riders through their associations and groups, as well as owners of motorcycle fleets, women who run boda boda businesses and riders who operate electric and solar-powered motorbikes.
Head of Co-op Bank Foundation Dora Waruiru said the boda boda sector has emerged rapidly to become a big channel for creating jobs and incomes, especially for young people.
She, however, said the growth has come with huge challenges including a high rate of fatal accidents.
“This project aims to intervene to help the riders have the skills and tools to run a profitable boda business while mitigating and avoiding the risks of accidents and loss of lives,” said Ms Waruiru.
Co-op Bank Bancassurance will provide insurance underwriting services and training for the riders, mainly on the benefits of insurance.
Sourced from Standard