The terms under which Mobifarm Ventures Ltd extends loans to riders for the purchase of boda-bodas and tuk-tuks. These terms form part of every loan contract and are disclosed in plain English before any rider signs.
These terms apply to every loan granted by Mobifarm Ventures Ltd ("Mobifarm", "we", "us") to a borrower ("the rider", "you") for the purchase of a financed asset — typically a boda-boda (motorcycle) or tuk-tuk (three-wheeler) — under a written loan agreement signed by both parties.
These terms form part of your loan contract. Where these terms and your signed loan contract differ, the signed loan contract prevails.
To qualify for a Mobifarm loan, you must:
Loans are typically offered over 12, 18, or 24 months. Longer tenors are considered on a case-by-case basis.
Interest is charged at a flat rate of 3.5% per month calculated on the financed amount (bike price less deposit) for the full tenor of the loan. This rate is the standard rate; it may vary based on risk profile, and any variation is disclosed on page one of your loan contract before you sign.
Four fees apply to every loan. They are listed — with exact amounts — on page one of your loan contract:
No other fees are charged. Account statements, balance enquiries, schedule changes, and early repayment are all free.
The total cost of credit — the full amount you will pay, expressed in shillings — is stated in bold on page one of your loan contract. You will also see the effective annual rate as required by the Consumer Protection Act 2012.
The financed asset is jointly registered in the names of the rider and Mobifarm with the National Transport and Safety Authority (NTSA). This is standard for all asset financing in Kenya and means the asset cannot be legally transferred or disposed of without Mobifarm's release of interest.
Every financed asset carries a GPS tracker with authorised immobilisation capability. The tracker serves two purposes: recovery of stolen assets, and location of assets in serious default. Mobifarm does not monitor routine rider movements, and tracker location data is not shared with any third party other than law enforcement in response to a lawful order.
The financed asset is insured with a Mobifarm-nominated insurer for the full life of the loan. Cover is described in section 6 below and in the accompanying insurance certificate.
Every loan requires one guarantor. The guarantor's liability is limited and is clearly described in the guarantor's separately signed undertaking. A guarantor is only contacted in the event of sustained default by the rider, and never before the rider has had a reasonable opportunity to cure the default.
The primary repayment channel is M-Pesa Paybill 123456, with the rider's loan number as the account reference. In-person payments are accepted at Mobifarm's head office and at authorised partner dealers.
Riders may elect to repay daily, weekly, or monthly. The chosen frequency is recorded in the loan contract. Requests to change repayment frequency may be accommodated once per six-month period without penalty.
You may settle your loan in full at any time without penalty. The settlement amount is the outstanding principal plus interest accrued to the settlement day. Upon settlement, Mobifarm releases its interest on the joint registration within seven (7) business days, after which full title transfers to you.
Payments in excess of the scheduled instalment are applied to reduce principal, which reduces total interest paid and shortens the loan.
Insurance is included in every loan and covers the financed asset for theft, total loss, and third-party liability at a minimum. The full scope of cover, exclusions, and excesses are set out in the insurance certificate issued at disbursement. Exclusions typically include negligent use, unlicensed operation, and use under the influence of alcohol or drugs.
Claims are processed by the insurer in accordance with the policy. Where a claim results in settlement of the loan balance, Mobifarm issues a release letter confirming the loan is closed.
A rider is in default if a scheduled payment remains outstanding beyond its due date and grace period. The grace period for each product is set out in the loan contract.
On a missed payment, we will:
Repossession is a last resort, undertaken only after the steps in section 7.2 have been exhausted and the rider has been given reasonable opportunity to cure the default. Repossession is conducted in accordance with applicable Kenyan law, respects the rider's rights, and is carried out only during lawful hours.
After repossession, the rider retains the right to redeem the asset within a defined grace period (set out in the loan contract) by settling the outstanding balance. If the asset is sold, proceeds are applied to the outstanding balance, and any surplus is returned to the rider.
We process personal data in accordance with the Kenya Data Protection Act 2019. See our full Data Protection policy for details on what we collect, why, how long we keep it, and your rights.
If you are dissatisfied with any aspect of your loan or our service, you may raise a complaint as set out in our Complaints Procedure. You also retain the right to escalate to the Competition Authority of Kenya and, where applicable, the relevant sector regulator.
Mobifarm may assign the benefit of your loan to a financing partner or securitisation vehicle. Such an assignment does not change the terms of your loan or the way you pay. You will be notified of any such assignment.
These terms, and any loan contract to which they apply, are governed by the laws of the Republic of Kenya. Disputes are subject to the exclusive jurisdiction of the Kenyan courts.
Mobifarm may update these general terms from time to time. Existing loans continue on the terms agreed at signing; new loans are subject to the terms current at the date of signing. The most current version is always available at this URL.
Mobifarm Ventures Ltd · Registered in Kenya · Nairobi
Runda Shopping Center, 1st Floor, Suite 008
Last updated: May 2026