By Eunice Kayo
President Uhuru Kenyatta on Friday launched a Bodaboda Investment Scheme at a meeting held at the Pumwani Social Hall with the Bodaboda Safety Association of Kenya.
The meeting saw a major partnership between Bodaboda Safety Association of Kenya (BAK), Capital Markets Authority, Rubis Energy and NABO Capital inked which saw all the 47 chairpersons from across the country and 8 regional heads attend the meeting.
President Kenyatta said the Bodaboda sector has grown into a Multibillion industry, saying the Bodaboda association has the potential to make more money than all the 47 counties receive from the National Government noting that for instance, the 1.4 million riders collect an estimated Ksh.180million in a day, Ksh.6.8B in a week and Ksh.27B a month.
However, he said that despite the impressive revenue numbers, Bodaboda riders continue to suffer economic hardships as they are disjointed.
President Uhuru lauded the proposed formation of a trust fund which will ensure riders are safe and that the investment grows.
The Association Chairperson Kelvin Mubadi said the association has 1.4million members and that there are plans to build a BAK tower as well as launch empowerment drives to give riders a soft landing when they stop riding.
Mubadi said the association will be backing the newly-released BBI report, saying it means well for the Kenyan youth.
Riders will register to the fund using their biometric data to avert incidences of fraud.
All riders will be expected to contribute Ksh.50 a day.
Among the slew of benefits that riders will expect are Education, training, safety, legal aid, and investment opportunities.