Zamara Group, a financial services provider, has entered into a partnership with the United Boda Boda Association of Kenya. The partnership agreement aims to bring financial security to close to 2 million Kenyans within the Boda Boda sector through its Fahari Retirement Plan.
The partnership will kick off with rollout of pilot programs on retirement saving, pensions and insurance acceptance within the sector, training and mass rollout to facilitate adoption. Fahari ya Boda Boda is tailored to the specific needs of the sector with other insurance solutions such as Last Expense cover embedded within the plan.
Each of the close to 2 million members of the Association can open their secure Fahari ya Boda Boda pensions and insurance account linked to their national ID in less than 2 minutes. This process is completely automated, and can be also accessed by a simple feature phone on USSD or on WhatsApp. Members can contribute any amount at any time any channel, view statement, make ad hoc contributions, no penalties, daily interest, access if need be.
Fahari ya Boda Boda further allows the sector members to save and build up a savings pot of money for their future financial needs. The more you save into your account, the more it grows. The accumulated savings are returned to you as a lump sum or a monthly pension at the point of exit.
Speaking during the signing event, Zamara Group CEO said, “Bringing Boda Boda Association on board is a key component of us as Zamara to drive financial inclusion within all sectors of our economy. We understand the risks that come with not having a savings pot for the future and as such shall offer Boda Boda operators an efficient means to plan and save for their retirement.”
On his part, Kimani Wanduthi, Chairman of the United Boda Boda Association said, “By addressing the issue of savings and financial literacy, we are empowered to create a savings culture within the sector, grow member savings and increase financial security and be able to support our families and the community during old age.”