Oye Secures KES 5M to Scale Insurance Access for Kenya's Boda Boda Riders

Kenyan fintech startup Oye has secured a KES 5 million investment ($38000) from BetaLab, the innovation arm of insurance giant Britam, to reshape access to insurance and fuel credit for over two million boda boda riders across the country.

Founded in 2021 by Nairobi entrepreneur Kevin Mutiso, Oye operates a points-based insurance platform tailored for daily income earners. The startup has issued over 20,000 insurance covers and settled 45 claims, offering microinsurance through a simple loyalty model. Riders earn points from purchases at partner vendors, unlocking insurance once they hit 90 points. No upfront premiums are required, removing a major barrier to access.

Oye's USSD-based interface ensures riders without smartphones or internet can still engage with the platform, making it accessible even in low-connectivity areas. The platform also provides real-time data insights for efficient claims processing.

Through the BetaLab partnership, Britam’s Personal Accident Cover is being embedded directly into the Oye system. Additionally, the collaboration introduces Songa Na Oye, a fuel credit feature allowing riders to refill fuel and pay later, alleviating daily liquidity constraints common in the sector.

“This is not just capital, it’s validation of a homegrown solution,” said Mutiso. “Britam’s support accelerates our vision of financial protection for riders across Kenya.”

Britam’s Director of Partnerships and Digital, Evah Kimani, called Oye’s model “simple, scalable, and built for real-world needs,” reflecting Britam’s broader digital inclusion agenda.

With over four million microinsurance clients and a 40% market share, Britam is betting on innovation hubs like BetaLab to drive scalable impact through startup collaboration, a model gaining traction across East Africa’s growing fintech scene.