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Kitengela boda boda riders turn weekly savings into Sh3.3m kitty

MONEY & MARKET
By Peterson Githaiga | Dec 19th 2021 | 2 min read
By Peterson Githaiga | December 19th 2021
MONEY & MARKET

The group of 25 boda boda riders save a minimum of Sh300 each every week. [Peterson Githaiga, Standard]

As the country's economy continues to bow under the pressure of Covid-19 aftershocks, a group of boda boda operators in Kitengela, Kajiado County, is smiling all the way to the bank.

Working under the name Kitengela Riders New Vision Success Group, the operators have managed to accumulate savings amounting to Sh3.3 million out of their weekly contribution of Sh100 each.

According to Chairman Evans Odari, the group was started in 2012 by five members.

"After coming together we thought it was wise to start saving Sh100 each so that each one of us could get his own motorbike rather than riding hired ones," said Odari.

He said the members later decided to register their group so they could take bigger loans from financial institutions.

Since then, the group has grown in number from the original five to the current 25 members, with a savings kitty of Sh3.3 million.

The group has also ventured into various investment projects and has already bought a two-acre piece of land at Kimana in Kajiado County, which they intend to use for farming.

Odari said it was not an easy task to save Sh100 per week as it was a sacrifice that forced most group members to quit.

"We were hit hard during the first wave of the Covid-19 pandemic, many of our members had to resign due to financial constraints," he said.

"We are now left with 25 members who are beaming with joy since they are the proud owners of properties."

Odari said the group has disciplined members who are keen on everything they do, including time management.

Through motivation by financial institutions, each member is currently making a minimum weekly contribution of Sh300.

Through their individual saving portfolios, members are also able to acquire funds for personal investment.

For instance, Odari, who has so far saved Sh650,000 in the kitty was able to secure a bank loan of Sh2,750,000, which he used to acquire three taxi cabs and a baking machine.

Isha Dunga, 31, got his first loan of Sh30,000 in 2018, which he used to purchase his first motorbike. Dunga now owns two taxis that operate in Kitengela and Isinya areas, as well as a property management company.

"I am proud of this project because many people, including me, used to view boda boda operators as people with no vision. Now I own a company that manages many rental houses in this area," said Dunga.

Benjamin Nyalwalo, 32, who was a motorbike mechanic before joining the group now owns a motorcycle spare shop in Kitengela.

Through a financial institution, the group has been attending training on financial management, book keeping and savings.

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