Britam's BetaLab backs local fintech's bid to power riders with cover and fuel credit
Enterprise
By
Esther Dianah
| Jun 18, 2025
Britam's innovation and incubation hub BetaLab has invested Sh5 million in a local fintech firm Oye, to boost access to insurance and ease fuel costs for the country's two million boda boda drivers.
Oye, founded in 2021 by Nairobi entrepreneur Kevin Mutiso, is built on a simple yet powerful model: loyalty points that unlock insurance benefits.
Since launching, the platform has issued over 20,000 insurance covers and processed 45 claims, offering a financial safety net to one of Kenya's most vulnerable and vital sectors.
Oye uses USSD technology to serve boda drivers without smartphones or internet access.
Once registered, riders earn points for purchases made at partner merchants, and once they reach 90 points, for instance, they automatically qualify for insurance cover.
The platform's real-time data system ensures efficient claims processing and targeted boda driver support. Britam's personal accident cover will now be embedded directly into the Oye platform, offering riders a seamless safety net in the event of illness or injury.
Meanwhile, "Songa Na Oye" will allow them to purchase fuel on credit and repay, gradually, creating more room for day-to-day operations without the pressure of upfront fuel costs.
"This collaboration is a reflection of Britam's focus on inclusive innovation," said Director of Partnerships and Digital at Britam Evah Kimani.
"Oye's model is simple, scalable, and designed around the needs of daily income earners. BetaLab is proud to help take it to the next level."
Mutiso said the investment is more than just financial backing. "It's a belief in a local solution designed for Kenyan realities by Kenyan entrepreneurs," said Mutiso.
"With Britam on board, we're not only expanding reach, but we're also deepening impact."
The investment also cements Oye as a key distribution partner for Britam's microinsurance and financial wellness products.
Britam has been working to expand access to affordable, flexible insurance solutions for underserved communities.
Through its microinsurance offerings, it now covers over four million lives, making Britam Kenya the largest provider in this space, with over 40 per cent market share.