It is now easy to own a bike in Nairobi
Nairobi youths will be able to access financial support easily to enable them to buy motorcycles at an affordable price.
Equatorial Commercial Bank (ECB) and Ryce East Africa signed a partnership on Wednesday that will enable youths to access loans with low interest.
The project is geared at improving the state of the bodaboda industry, especially in slums.
Getting motorbikes cheaply will also help to reduce traffic jams. The motorcycles are more stylish and sporty compared to the ordinary ones used by bodabodas and can be used commercially or personally.
Popularity
The bank will provide finance for Ryce East Africa’s range of Hero motorcycles. The project targets those aged between 25 and 35.
ECB Managing director Sammy Itemere said the bank was deliberately targeting low income earners.
“We have taken note of the rapid growth of the transport sector and the increasing popularity of motorcycles, especially among the poor,” he said.
The bikes will be accessible in flexible monthly payments of Sh7,698 for Passion Pro models and Sh14,927 for ZMR ones.
“ECB will provide financial support of up to 90 per cent of the price and insurance cover for each motorcycle with an allowance flexible payment period of up to 18 months” said Itemere.
He said those opting for bikes could be making a step towards reducing jams. Ryce managing director VN Srinivas said they will move to other counties after lauching the programme in the city.