Betalab, Britam’s innovation hub, has invested millions in fintech start-up Oye, in a move poised to transform financial security for boda boda riders. The Sh5 million investment aims to bridge a glaring gap in protection for a community facing constant economic uncertainty and the ever-present dangers of the road.
With this funding, Oye is set to expand two pivotal services: Britam’s Personal Accident Cover and a new fuel-on-credit product dubbed “Songa Na Oye.” The latter is a potential game-changer, allowing riders to refuel even when short on cash—ensuring their engines, and incomes, keep running even in tough times.
According to Kevin Mutiso, Co-founder of Oye, the investment will help revolutionise the boda boda industry.
“This is more than financial backing; it’s a belief in a local solution designed for Kenyan realities by Kenyans. With Britam, we are not only expanding reach but deepening impact,” he said.
The fintech platform is built on USSD technology, bypassing the need for smartphones or internet access and making it accessible to every rider, regardless of their device. By integrating insurance with everyday transactions—like airtime and fuel purchases—Oye removes traditional barriers such as paperwork and high costs that have long excluded informal workers from financial safety nets.
So far, the results are telling: more than 20,000 insurance covers have been issued, and 45 claims processed. In a sector that sees over 11,000 reported crashes annually, this innovation couldn’t be more timely.
According to Evah Kimani, Britam’s Director of Partnerships and Digital, the essence of the initiative lies in protecting daily earners who keep the economy moving.
“It’s inclusive innovation in action,” she said.
With boda bodas vital to mobility and trade, this partnership represents a seismic shift that could help the industry not just survive—but thrive.
