President Uhuru Kenyatta on Friday officiated the launch of a Bodaboda Investment scheme during a meeting with the Bodaboda safety association of Kenya.
During the Pumwani Social Hall meeting, a major partnership between Boda Boda Safety Association of Kenya (BAK), Capital Markets Authority, Rubis Energy and NABO Capital was inked.
All the 47 chairpersons from across the country and 8 regional heads attended the meeting.
The Association Chairperson Kelvin Mubadi said the association has 1.4million members.
He said there are plans to build a BAK tower as well as launch empowerment drives to give riders a soft landing when they stop riding.
Mubadi said the association will be backing the newly-released BBI report, saying it means well for the Kenyan youth.
During the meeting, President Kenyatta said the Boda Boda sector has grown into a Multibillion industry, saying the Bodaboda association has the potential to make more money than all the 47 receive from the National Government
While giving context, he noted that for instance, the 1.4 million riders collect an estimated Ksh.180million in a day, Ksh.6.8B in a week and Ksh.27B a month.
However, he said that despite the impressive revenue numbers, Boda Boda riders continue to suffer economic hardships as they are disjointed.
President Uhuru lauded the proposed formation of a trust fund which will ensure riders are safe and that the investment grows.
Riders will register to the fund using their biometric data to avert incidences of fraud.
All riders will be expected to contribute Ksh.50 a day.
They will also get a Ksh.3 deduction at the fuel pump which will also go to the fund. They will also get a fuel card from Rubis Energy which they will use at over 310 fuelling stations across the country.
Riders will also get Ksh.10 discount per Kg of cooking gas as well as a Ksh. 15 discount on motorcycle engine oil.
The monies will be remitted to the trust fund.
Among the slew of benefits that riders will expect are Education, training, safety, legal aid, and investment opportunities.
The Capital Market’s Authority will ensure the safety of the savings.
SOURCE: https://citizentv.co.ke/news/uhuru-calls-boda-boda-riders-kenyas-silent-miracle-as-association-inks-major-deal-348813/
