Kisumu County’s boda boda sector has received a significant boost following Afresa Sacco’s initiative to support riders with affordable financial services. The Sacco now offers boda boda operators access to savings and low-interest loans, providing a pathway to financial independence and stability.
Dr. Berry Odhiambo, Chairperson of Afresa Sacco, highlighted the organization’s mission to uplift livelihoods in the informal sector.
“Our goal is to empower small and micro enterprises, enabling them to thrive and grow. By bridging financial gaps, especially in the boda boda sector, we aim to create a sustainable impact,” he said.
Targeting Specific Financial Needs
Dr. Odhiambo noted that many boda boda riders lease their motorbikes, which limits their income potential. Afresa Sacco addresses this challenge by tailoring financial solutions to riders’ daily earnings and needs.
“We consider their daily income, family responsibilities, and education costs, injecting funds where needed to ensure financial stability,” he explained.
Beyond the boda boda sector, Afresa Sacco has extended its support to mama mboga (small-scale vegetable vendors) and mitumba (second-hand clothing) businesses. Through basic business training, the Sacco empowers small traders to expand their operations and improve their livelihoods.
Impacting Lives and Driving Economic Growth
During an impact assessment in Kisumu, Dr. Odhiambo shared testimonials from beneficiaries who have experienced tangible improvements in their businesses.
“We evaluate our impact by measuring job creation, increased sales revenue, and overall business growth. These metrics are vital to ensuring our efforts translate into real change,” he said.
In its two years of operation, Afresa Sacco has registered over 60,000 members, offering tailored financial services to boost informal sector enterprises. Recognized by Kisumu County as a top Sacco, Afresa continues to attract more members with its affordable Ksh. 1,000 membership fee.
Expanding Reach
With its head office in Kisumu and branches in Nyamira and Kakamega counties, Afresa Sacco is steadily expanding its footprint across Kenya. The Sacco’s long-term vision includes nationwide coverage to support more informal sector players in improving their livelihoods and contributing to economic growth.
Dr. Odhiambo emphasized Afresa Sacco’s commitment to fostering self-reliance and prosperity in underserved sectors, ensuring that no one is left behind in the journey toward financial empowerment.
