Britam’s insurance innovation lab, BetaLab, has invested Sh5 million in Oye, a fintech platform to expand access to fuel on credit and personal accident insurance for Kenya’s boda boda riders, millions of whom remain financially vulnerable.
This partnership offers key benefits for those in the informal transport sector. Britam’s Personal Accident Cover has been integrated into the Oye platform, providing riders with easy access to insurance.
Additionally, the new 'Songa Na Oye' feature enables riders to purchase fuel on credit, helping them to continue working when they have little cash.
The accident cover provides up to Sh50,000 for hospital cash benefits, permanent disability compensation and funeral support, with no upfront payment required.
“This collaboration is a reflection of Britam’s focus on inclusive innovation. Oye’s model is simple, scalable and designed around the needs of daily income earners. BetaLab is proud to help take it to the next level,” said Evah Kimani, Britam's director of partnerships and digital.
Oye’s model is built on a simple loyalty points system that allows riders to earn insurance by purchasing fuel and airtime through the platform.
This eliminates the paperwork, affordability, and accessibility challenges that often prevent informal workers from obtaining cover. Once a rider has accumulated 90 points, they qualify for quarterly insurance cover, providing a meaningful safety net in the event of illness, injury or accident.
“This investment is more than just financial backing, it’s a belief in a local solution designed for Kenyan realities by Kenyan entrepreneurs. With Britam on board, we’re not only expanding reach, but we’re also deepening impact,” said Kevin Mutiso, CEO and co-founder of Oye.
To ensure broad access, Oye runs on USSD technology, enabling riders without smartphones or internet access to use the platform. To date, the platform has issued over 20,000 insurance policies and successfully processed 45 claims.
BetaLab, was launched to co-create and invest in solutions that bridge the gaps in insurance and financial inclusion in underserved markets. This investment complements Britam’s wider microinsurance strategy, which currently covers over four million people in Kenya.
