The boda boda sector has become a critical source of employment for many youths in Kenya, particularly in urban and rural areas. Despite its potential, many aspiring riders face challenges in purchasing motorbikes due to the high cost of ownership. To address this issue, several financial institutions and microfinance organizations now offer boda boda loans with flexible payment terms and affordable initial deposits, enabling more people to enter the industry. Below is a detailed list of boda boda loan providers in Kenya, including their features, requirements, and contacts.
1. MOGO
MOGO is a leading vehicle financing company in Kenya and offers one of the most flexible boda boda loan packages. Aspiring riders can own a motorbike within 24 hours of loan approval. MOGO works with authorized dealers across the country to offer a wide variety of motorbike models.
- Features:
- Start paying from as little as Ksh 300 per day.
- Initial payment of Ksh 20,000.
- Repayment period: 52–104 weeks.
- Choose any motorbike model.
- Requirements:
- 3 months Mpesa statement.
- National ID.
- KRA PIN.
- 1 guarantor.
- Age between 20-60 years.
- Contact: 0768 469 112 | Email: info@mogo.co.ke
2. KCB Bank
KCB Bank offers comprehensive financing for boda boda and tuk-tuks, with flexible terms and additional perks like insurance packages. The loans come with comprehensive insurance coverage and attractive dealer price offers.
- Benefits:
- Insurance: Ksh 9,600 per year for boda boda; Ksh 15,000 for tuk-tuks.
- Flexible repayment: 12 months for boda bodas, up to 24 months for tuk-tuks.
- Bank finances up to 70% of the motorbike cost.
- Requirements:
- Active business account for 3 months.
- Proforma invoice from authorized dealers.
- Valid driving license.
- 6 months KCB banking history or 3 months group savings.
- Contact: Visit any KCB branch nationwide for more information.
3. Pioneer Credit Ltd
Pioneer Credit finances up to 80% of a motorbike’s cost, making it easier for riders to acquire a new bike with a small deposit. Pioneer Credit partners with select motorbike dealers.
- Requirements:
- Deposit of 20%.
- KRA PIN.
- ID and driving license.
- Mpesa statements (3 months).
- 3 guarantors.
- Contact: 0701 777 000 | 0721 605 139
4. Progressive Credit
Progressive Credit offers flexible boda boda loans, allowing riders to repay either daily or weekly over a 24-month period. They provide a range of services including life insurance for riders and mobile loans through their Nawiri app.
- Benefits:
- Life insurance for riders.
- Access to mobile loans.
- Requirements:
- National ID.
- 1 guarantor.
- KRA PIN.
- Contact: 0702 698 577 | Email: info@progressivecr.com
5. Capital Sacco
Capital Sacco provides boda boda loans, primarily focusing on individuals in Meru and surrounding regions. They offer loans both for purchasing and maintaining motorcycles, ensuring sustainability in the business.
- Contact: 0708 843 287 | Email: info@capitalsacco.co.ke
6. Mwananchi Credit Ltd
Mwananchi Credit provides affordable boda boda loans with low daily repayment plans and additional services such as insurance and tracking. Their loan terms are flexible, with repayment periods up to 18 months.
- Features:
- Interest rate of 3.5% per annum.
- Comprehensive insurance fee: Ksh 7,600.
- Application fee: Ksh 500.
- Requirements:
- Client contribution: Ksh 15,000.
- 3 guarantors.
- ID and passport photos.
- Contact: 0709 739 000
7. Ndege Chai Sacco
With branches in Kericho, Naivasha, and other locations, Ndege Chai Sacco offers asset financing for boda bodas. Their loans feature a reasonable interest rate and manageable repayment period.
- Features:
- Interest rate: 14% on reducing balance.
- Repayment period: Up to 18 months.
- Member contribution: Ksh 15,000.
- Contact: 052 203 0121 | Email: info@ndegechaisacco.com
8. Watu Credit
Watu Credit has emerged as a key player in asset financing, particularly for boda boda and tuk-tuk loans. With branches across Kenya, they offer quick loan approvals and affordable repayment plans.
- Requirements:
- Minimum down payment: Ksh 20,000 for motorbikes.
- KRA PIN, ID, 1 guarantor.
- Registered Mpesa number.
- Contact: 0709 739 000 | 0719 111 000
9. Bimas Kenya
Bimas is a microfinance institution with a mission to empower young entrepreneurs, especially those in the boda boda business. Their boda boda loan product is tailored to help riders start their businesses.
- Features:
- Maximum loan: Ksh 200,000.
- Repayment period: Up to 18 months.
- Initial deposit: Ksh 14,000.
- Contact: 0701 111 700
Before taking a boda boda loan, it is essential to carefully assess your financial situation and ability to meet the repayment terms. Each lender offers varying loan terms, fees, and interest rates, so it’s advisable to compare different providers to find the one that best suits your needs. With the right financial partner, owning a boda boda can be an achievable goal, providing a reliable source of income and business growth.
Note: Always ensure you understand the full cost of the loan, including any hidden fees or insurance costs, before signing any agreements.
