By By Business Express Reporter
Betalab, the innovation arm of Britam, has committed Sh5 million to fintech start-up Oye in a move designed to strengthen financial security for Kenya’s boda boda riders, a group often exposed to economic instability and the daily risks of the road.
The funding will allow Oye to scale two key services: Britam’s Personal Accident Cover and a fuel-on-credit solution branded “Songa Na Oye.” The latter is tipped to be a game-changer for riders, enabling them to refuel even when cash-strapped, ensuring that their livelihoods are not derailed by temporary financial shortfalls.
Oye Co-founder Kevin Mutiso hailed the investment as a turning point for the industry.
“This is more than financial backing—it’s an endorsement of a local solution crafted by Kenyans for Kenyans. With Britam’s support, we’re not just expanding reach, we’re deepening impact,” he said.
Built on USSD technology, Oye sidesteps the barriers of internet access and smartphones, making the platform accessible to riders across the board. By integrating insurance directly into routine transactions such as airtime purchases and fueling, Oye removes the bureaucratic and cost hurdles that have traditionally locked informal workers out of financial protection.
The results already speak volumes. To date, Oye has facilitated the issuance of over 20,000 insurance covers and processed 45 claims—a significant achievement in a sector that records more than 11,000 reported crashes annually.
Britam’s Director of Partnerships and Digital, Evah Kimani, emphasized that the initiative is about safeguarding the workers who keep the economy moving.
“This is inclusive innovation in action,” she said.
With boda bodas forming the backbone of mobility and small-scale trade in Kenya, the partnership between Betalab and Oye signals a potential shift from mere survival to resilience and long-term growth for the industry.
