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Britam’s BetaLab Invests in Oye to Support Boda Boda Riders with Insurance and Fuel Credit
Britam’s innovation hub, BetaLab, has invested Ksh 5 million in Oye, a Kenyan fintech startup, to improve insurance access and reduce fuel costs for boda boda riders. Kenya has over two million riders, many of whom operate without safety nets.
Oye, founded in 2021 by Nairobi entrepreneur Kevin Mutiso, rewards riders with loyalty points for purchases made at partner merchants. Riders who reach a set number of points—such as 90—automatically receive insurance coverage. This model makes insurance affordable while encouraging everyday spending through the platform.
To reach more riders, Oye uses USSD technology, allowing those without smartphones or internet to register and earn points. So far, the platform has issued more than 20,000 insurance policies and processed 45 claims. Its real-time data system helps speed up claims and ensures riders get timely support.
Britam’s BetaLab Invests in Oye to Support Boda Boda Rider
Expanding Insurance Access Through Local Innovation
Britam’s Personal Accident Cover will now be integrated into the Oye platform. This provides riders with automatic protection against illness or injury. The new “Songa Na Oye” feature also lets them purchase fuel on credit and repay gradually easing daily operational pressures.
“This partnership reflects Britam’s commitment to inclusive innovation,” said Evah Kimani, Britam’s Director of Partnerships & Digital. “Oye offers a simple and scalable model that fits the realities of daily income earners. We’re proud to support its growth.”
“This support goes beyond money—it validates our local solution,” said Kevin Mutiso, CEO and Co-founder of Oye. “Britam’s involvement helps us grow and make a deeper impact.”
The partnership also positions Oye as a key distributor of Britam’s microinsurance products. It shows how corporations can boost local innovations that solve practical challenges.
Britam now serves over 4 million people with microinsurance and holds more than 40% of Kenya’s market share making it the country’s leading provider in the segment.
https://africabusinessnews.co.ke/ncbas-comprehensive-property-finance-solutions/
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