Unchorlight Kenya offers a rent-to-own financing service called ZARIBEE, enabling boda boda riders to acquire motorcycles through a structured payment plan. This model addresses the lack of affordable access to motorcycles, providing riders with essential tools for income generation while fostering a supportive community.
Funding
$740K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Boda boda (motorcycle taxi) riders in Kenya often lack access to affordable financing options for acquiring their own motorcycles, hindering their ability to generate income and improve their livelihoods. Traditional loan structures and collateral requirements pose significant barriers for these gig workers.
Solution
Unchorlight Kenya's ZARIBEE program provides a rent-to-own financing model that enables boda boda riders to acquire motorcycles through structured payments. Riders form groups, fostering a community-based repayment system that enhances creditworthiness. By making consistent payments over a defined period, riders can eventually own their motorcycles, transforming them from renters to asset owners. The program also incorporates credit scoring mechanisms, leveraging user data and payment history to support riders in building their credit profiles.
Target Audience
The primary target audience is boda boda riders in Kenya who need affordable financing solutions to acquire motorcycles and improve their income-generating opportunities.
Features
- Rent-to-own motorcycle financing with structured payment plans
- Community-based group lending model to enhance repayment rates
- Digital platform for tracking payments and accumulating user data
- Credit scoring system to support riders in obtaining future credit
- Insurance coverage to protect riders' daily lives
- Literacy enhancement programs, including safety rides and financial management training