A section of Boda Boda operators in Mombasa County has benefited from accident insurance provided by Faulu Microfinance Bank.
The riders numbering 200, and operating in Mikindani ward within Mombasa County, can now access affordable insurance with medical benefits covering accidents, permanent disability, and death.
The insurance is provided by Faulu Microfinance Bank through the Maisha Savings Account. To enjoy the medical benefits under the insurance cover, one simply needs to open a Maisha account with a minimum Ksh. 200 and pay a premium of Ksh. 630.
Faulu Bank Managing Director, Apollo Njoroge, says the bank is offering affordable financial products to enable individuals who are economically active to plan, grow and financially protect themselves and their families and businesses.
“The Maisha Savings Account, among our other products, is tailored to help our customers build a savings culture and plan their day-to-day expenditure for the future. We are also offering a range of affordable products including trade finance targeting small and medium enterprises (SMEs), individuals, and groups in business,” said Mr. Njoroge.
Boda Boda accidents
Mikindani Ward MCA, Renson Juma Thoya, who mobilized the riders to open the accounts at Faulu, decried the rising cases of accidents involving Boda Bodas, citing recklessness on the part of the riders as a major factor.
“We are losing many of our young men to accidents and many others getting seriously injured rendering them unable to work. This can be avoided by adhering to road safety rules,” said Mr. Thoya.
While thanking Faulu for providing affordable financial products targeting the ordinary Kenyan, the MCA urged the riders to take advantage of such products to be empowered economically.
Faulu Bank is also partnering with Motorcycle manufacturing companies to issue Boda Boda loans at subsidized prices to its customers.
According to data from the National Transport Safety Authority (NTSA), more than 800 motorcyclists perished in road crashes last year. A total of 350 pillion passengers died during the same period.
Recklessness, drunkenness, and failure to wear helmets were cited as the main causes for the rising fatalities.