Multinational financial services corporation; VISA, has partnered with the Kenya Commercial Bank (KCB) and the Boda Boda Safety Association of Kenya (BAK), to begin the digitization of payments for the motorcycle transport operators.
The partnership will commence with a pilot project where 100 Boda Boda riders will have VISA enabled on mobile, so that they can make and receive payments using the platform.
The Pilot Project will be over a duration of 3 months.
The new free mobile payment solution, is expected to accelerate safe digital payments and also facilitate financial inclusion among boda operators.
The Kenya Commercial Bank (KCB) will conduct the training of the riders on the use of Visa on mobile.
VISA’s payment card will also help boda boda owners and operators to grow their business, while reducing the costs associated with handling cash.
The payment card will also give boda boda operators the ability to be in complete control of their payments, thereby minimizing the risks of unauthorized transactions.
VISA has contributed to 50% of the cost for the 100 riders that will engaged in the pilot phase.
The move is seen as a bid to help the Boda Boda sector become more compliant to the government’s safety regulations.
Senior Business Development leader, Merchant Sales and Acquiring for VISA East Africa, Kennedy Luhombo, stated that, “The digitization of Boda Boda payments is a key component of VISA’s drive to enhance financial inclusion among the communities and customers that we serve. With VISA on mobile, we are providing an efficient means for Boda Boda operators to receive payments, understanding the obvious security risks that come with handling cash. We are tapping into VisaNet, our secure gateway to bring the Boda Boda sector into formal financial sector.”
Users can send money directly from their bank to a recipient’s bank account via VISA on mobile, regardless of whether they use the mobile app or their bank’s USSD code.
