Mogo Kenya Deputy Country Manager Branton Mutea, Mogo customer Joseph Ng’ang’a and Mogo Head of Communications Valerie Kenyanito during the Mogo @7 celebrations. [James Wanzala, Standard]
Regional motorcycle and smartphone financier, Mogo Kenya, has injected more than Sh44 billion into Kenya's economy over the past seven years, supporting more than 500,000 Kenyans in accessing productive assets that are creating jobs, supporting entrepreneurship and strengthening livelihoods across the country.
This comes at a time when a new report by Viffa Consult notes that Kenya's boda boda industry generates an estimated Sh660 billion annually, contributing 4.4 per cent of the country's Gross Domestic Product (GDP) and directly supporting more than 2.5 million livelihoods, making it one of the country's largest sources of employment and last-mile transport.
The report, dubbed the Boda-boda Boom: Thriving Societies, Growing Economies and Powering Green Transition, notes that boda boda transports approximately 40 per cent of goods within urban areas and more than 30 per cent of agricultural produce from farms to markets, underscoring their importance to trade, agriculture and household incomes.
The report also shows that riders who move from renting to owning motorcycles through asset financing can save more than Sh440,000 over five years, while 67 per cent of riders say ownership provides a much higher level of financial security than renting.
Ownership enables riders to retain more of their daily earnings, invest in businesses, educate their children and build long-term wealth.
Since entering the Kenyan market in 2019, Mogo has grown into one of the country's leading asset financing companies, building a loan portfolio of more than $300 million (about Sh44 billion), expanding its presence across all 36 counties with more than 90 branches, creating over 1,800 jobs, and establishing a network of more than 2,000 business partners.