Co-op Bank Foundation tap GIZ in Sh64m riders deal
Friday, July 23rd, 2021 12:00 | 2 mins read
The Co-operative Bank Foundation and the German Development Cooperation (GIZ) have partnered to deal with surging unemployment among youths countrywide and deepen business for riders.
World Bank estimates that 800,000 Kenyans join the labour market annually but only 50,000 get professional jobs.
According to the partners, the Sh64 million deal targeting youths will go a long way to curb unemployment and alleviate challenges that come with it.
Co-op Bank said in a statement that the deal eyes about 3,000 boda boda riders, most of whom are aged 35 years and below.
Boba boda safety
“The boda boda sector has emerged rapidly to become a great opportunity for creating jobs and incomes especially for young people, but has come with huge challenges not least of which is the unacceptably high rate of accidents and loss of lives.
It is therefore a great honour for us to partner with GIZ, NTSA and others to support boda boda riders run their business in a safe and profitable fashion,” said Dora Waruiru, head of Co-op Bank Foundation.
The partcipants will be offered business skills and digital tools to run their business, coupled with road safety packages to help reduce the high rate of accidents involving riders countrywide.
The pilot project will run in Coast, Eastern and Central regions before being rolled out tcountrywide.
“With this project we are setting the stage for urban and sustainable mobility,” said GIZ Country Director Bodo Immink. Co-op Bank Foundation will target the boda boda riders through their associations.
They will also target motorcycle fleet owners, women run boda boda and riders who operate electric and solar-powered motor bikes.
Other players in this multi-discipline move includes the National Transport and Safety Authority (NTSA) for road safety and compliance training and SAFAL MRM Group Foundation to mobilise the riders for training and Co-op Bank Bancassurance who will provide insurance and training on insurance and risk mitigation.