Fintech Revolution:Oye and Britam Team Up to Insure Kenya’s Two Million Boda Boda Riders

Britam’s innovation hub, BetaLab, has recently made a strategic investment of KES 5 million in Oye, a Kenyan fintech startup revolutionizing insurance and fuel credit access for the country’s approximately two million boda boda riders. This partnership exemplifies the growing role of fintech in expanding financial inclusion for informal sector workers, a group traditionally underserved by conventional insurance and credit providers.

Addressing Critical Needs of Boda Boda Riders

Boda boda riders are vital to Kenya’s economy but face significant risks, including frequent accidents—over 11,000 boda-related crashes are reported annually—and economic shocks. Despite these risks, many riders lack adequate financial protection due to barriers such as upfront premium costs, paperwork, and limited access to formal financial services. Oye’s innovative platform directly tackles these challenges by making insurance and credit accessible, affordable, and easy to use.

The Oye Platform: Innovation and Accessibility

Founded in 2021 by Nairobi entrepreneur Kevin Mutiso, Oye operates on a loyalty points-based insurance model. Riders earn points through purchases of airtime and fuel at partner merchants; accumulating 90 points automatically qualifies them for insurance coverage. This model removes the need for upfront premium payments, which often deter informal workers from obtaining insurance.

Crucially, Oye’s platform is USSD-based, allowing riders without smartphones or internet access to participate. This inclusive technology ensures that the most vulnerable and digitally excluded riders can access insurance and fuel credit services seamlessly. The platform also leverages real-time data to enable efficient claims processing and targeted support tailored to boda boda riders’ unique needs.

Key Offerings Enabled by the Investment

The KES 5 million funding from BetaLab will scale two main offerings on the Oye platform:

• Britam’s Personal Accident Cover: Embedded directly into Oye’s system, this insurance provides comprehensive protection for riders against illness and injury, removing traditional barriers to enrollment and claims.
• “Songa Na Oye” Fuel Credit Service: This innovative credit product allows riders to purchase fuel on credit and repay gradually, easing the burden of upfront fuel costs that can disrupt daily operations. This service is vital for riders who often face cash flow challenges but need reliable access to fuel to maintain their livelihoods.

Strategic and Market Impact

This partnership addresses a significant gap in financial protection for Kenya’s informal sector, particularly boda boda riders who have historically been excluded from mainstream insurance and credit markets. By combining Britam’s expertise and market leadership in microinsurance—covering over 4 million Kenyans with more than 40% market share—with Oye’s grassroots technology, the collaboration creates a scalable, sustainable model for financial inclusion.

Evah Kimani, Britam’s Director of Partnerships and Digital, describes the initiative as “inclusive innovation in action,” emphasizing its focus on daily income earners who keep the economy moving. Oye’s CEO, Kevin Mutiso, highlights that the partnership is not just about financial backing but a belief in a local solution designed for Kenyan realities, aiming to deepen impact and expand reach.

Broader Implications and Future Outlook

The success of this model demonstrates how fintech can bridge the gap between informal workers and formal financial services through technology tailored to local contexts. BetaLab’s role as Britam’s innovation hub is pivotal in identifying, funding, and scaling startups like Oye that address real-world challenges in insurance and financial services.

Beyond boda boda riders, this approach has potential for replication across other informal sectors and markets, enhancing financial inclusion continent-wide. BetaLab’s broader mandate includes supporting startups in claims processing, SME financing, savings solutions, and healthcare, signaling a comprehensive push toward tech-driven transformation of Africa’s financial services.