Britam innovation and incubation hub, BetaLab, has announced a strategic investment of KES 5 million in Oye. Oye is a fast-rising Kenyan fintech transforming access to insurance and fuel for the country’s two million boda boda riders.
Founded in 2021 by Nairobi-based entrepreneur Kevin Mutiso. Oye leverages USSD technology and real-time data systems to reach underserved riders, even those without smartphones or internet. The platform rewards users with loyalty points from purchases made at partner merchants. Once riders reach set thresholds, such as 90 points. They automatically unlock benefits like insurance coverage, offering critical protection with no paperwork or digital barriers.
To date, Oye has issued over 20,000 insurance covers and processed 45 successful claims. They have cemented their role as a trusted financial safety net for riders who often face daily risk with minimal backup.
Expanding Financial Access for Riders
This investment marks the integration of Britam’s Personal Accident Cover into the Oye platform. It has allowed riders to access insurance seamlessly in the event of illness or injury. Additionally, the rollout of the “Songa Na Oye” feature enables riders to purchase fuel on credit and repay gradually. This eases the financial strain of upfront fuel costs and supporting more consistent income generation.
“This collaboration is a reflection of Britam’s focus on inclusive innovation,” said Evah Kimani, Director of Partnerships & Digital at Britam. “Oye’s model is simple, scalable, and built around the realities of daily income earners. Through BetaLab, we are proud to back solutions that are truly transformative.”
“This investment goes beyond funding, it’s a validation of a homegrown solution for Kenya’s grassroots economy,” added Kevin Mutiso, CEO and Co-founder of Oye. “With Britam’s support, we’re not just scaling our reach we’re amplifying our impact.”
Oye is now a key distribution partner for Britam’s microinsurance and financial wellness products. Britam currently serves over 4 million lives through its microinsurance portfolio, commanding more than 40% market share, and reaffirming its position as Kenya’s leading provider of affordable insurance for underserved communities.
