Zamara Group, a financial services provider, has entered into a partnership with the United Boda Boda Association of Kenya. The partnership agreement aims to provide financial security to nearly 2 million Kenyans in the Boda Boda area through its Fahari pension scheme.
The partnership will kick off with the rollout of pilot programs on retirement savings, pensions and insurance acceptance in the industry, training and mass rollout to facilitate adoption. Fahari ya Boda Boda is adapted to the specific needs of the sector with other insurance solutions such as the cover of the last expenses integrated into the plan.
Each of the nearly 2 million members of the Association can open their secure Fahari ya Boda Boda retirement and insurance account linked to their national identity card in less than 2 minutes. This process is fully automated and can also be viewed by a simple mobile phone on USSD or on WhatsApp. Members can contribute any amount at any time on any channel, view statement, make ad-hoc contributions, no penalties, daily interest, access if needed.
Fahari ya Boda Boda further allows members of the sector to save and build a reserve of money for their future financial needs. The more you save in your account, the more it grows. The accumulated savings are returned to you in the form of capital or a monthly annuity when you leave.
Speaking at the signing event, Zamara Group CEO said, “The integration of Boda Association Boda is key for us as Zamara to drive financial inclusion across all sectors. of our economy. We understand the risks of not having a savings pot for the future, and as such, we will provide Boda Boda operators with an effective way to plan and save for their retirement.
For her part, Kimani Wanduthi, President of the United Boda Boda Association, said, “By addressing the issue of savings and financial literacy, we are able to create a culture of savings within the sector. , to increase member savings and increase financial security and to be able to support our families and community in old age.