Boda Ownership Steers Drivers Toward Financial Independence

I haven’t taken a taxi locally in years, but when I was in Asia taxis were a nice treat from public transportation, and in India, their tuk tuk-esque motorbikes were always an affordable option to quickly get from point A to point B. In Uganda, boda-bodas are bicycle and motorcycle taxis that serve the same purpose – they help people navigate through cities and between towns.

Inspired by an exceptional boda driver named Medie Sebie, Michael Wilkerson and Matt Brown co-founded Own Your Own Boda (OYOB) alongside Medie to provide affordable loans to Uganda’s most reliable boda drivers, to set them on a path towards financial independence. As a for-profit social enterprise, OYOB provides drivers with new motorcycles that they make weekly payments for, at a rate slightly higher than the market rental rate, but helps them gain ownership.

Most boda-boda drivers operate their business by renting motorcycles indefinitely, however through OYOB, and ownership, drivers have more financial freedom and options to benefit from greater future profits without the expense of rental fees or loan payments. In Medie’s case, when he completed the loan, he sold his used bike for cash to purchase land for his mother in her village, and started a new loan.

Medie is today a co-founding partner and managing director of OYOB, which is a quickly growing, Ā incorporated company in Uganda that has offered over 60 loans. All profits so far, from this majority-Ugandan owned company, have been reinvested in new loans.

Thank you Own Your Own Boda for making our world wonderful.

LET ME KNOW, REPLY BELOW: When was the last time you took a taxi?

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One comment

  1. Pingback: Boda Ownership Steers Drivers Toward Financial Independence | Home Far Away From Home

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