Mikhail Vydryn, the Belarusian economist who has led Mogo Loans Limited Uganda since August 2023.
To most Ugandans, the motorcycle is more than just a vehicle, it is a job, a livelihood, a lifeline. At the helm of one company playing an increasingly visible role in that sector is Mikhail Vydryn, a Belarusian economist who has led Mogo Loans Limited Uganda since August 2023. Vydryn oversees a fast-growing operation focused on motorcycle financing.
Vydryn’s journey to Uganda was not a typical executive transfer, it was a culmination of diverse experiences and a growing passion for real-world financial inclusion. After earning a degree in International Economics from Belarusian State University, he ventured into entrepreneurship, spending five years running Biogarden, an agro-based business in Eastern Europe focused on sustainable solutions.
That chapter taught him how to build something from the ground up, manage risk, and understand the challenges faced by everyday earners. In 2022, Vydryn joined Mogo Kenya as head of its motorcycle financing division. There, he got a first-hand view of the region’s two-wheel economy, from urban couriers to rural transporters.
The job immersed him in East Africa’s deepening reliance on boda bodas for income, mobility and survival. It also taught him how to adapt products to meet the real needs of underserved communities. That experience laid the groundwork for what would come next, leading Mogo Uganda into a fast-changing and high-impact market where youth unemployment, digital disruption, and resilience collide daily on the road.
A tale of two markets: Kenya and Uganda
Vydryn’s insights from his time in Kenya continue to shape his perspective on Uganda’s market. “When Covid-19 hit in Kenya, many riders quit the business,” he narrates. “The economy took a serious knock, and the riding business in Nairobi slowed down drastically. Many riders parked their bikes and sought other means to survive.” But Uganda told a different story. “Here, we saw something unexpected. Riders re-energised, adapted, and pushed harder. The resilience here is incredible.
It was like the challenges fuelled a deeper sense of determination.” That pattern of determination has continued, even in the face of regulatory shifts. When Uganda introduced digital number plates in 2024, Mogo initially braced for a slowdown. “We were worried,” Vydryn admitted. “We thought regulatory changes like that would scare off prospective riders. But the demand did not drop. It just continued. It reminded us again that people here are deeply committed to finding a way forward.” The riders’ ability to embrace new rules while staying focused on earning a living, he noted, reflects a kind of courage and adaptability that isn’t easily quantified but makes all the difference in the long run.
The motorcycle economy
Uganda has one of the youngest populations in the world, with nearly 80 percent of its citizens under the age of 30. Formal jobs remain scarce, and many young people turn to boda boda riding as a fallback plan when education or other aspirations stall. But access to motorcycles has long been a barrier. Most young men rent them at high daily rates, which limits what they can earn and saves them little over time.
Since Vydryn took the helm, Mogo Uganda has issued over 30,000 loans, a large share of which are for motorcycles. Many of these borrowers had previously been locked out of traditional finance because they lacked bank accounts or formal employment. Across its operations in Uganda, Mogo has now financed more than over 500,000 motorcycles on credit, empowering hundreds of thousands of Ugandans to transition from renters to owners.
This access to asset ownership has helped many riders improve their daily income, gain financial stability, and lift their living standards, one instalment at a time. For some riders, this is a significant difference in their monthly expenses. The move has also drawn interest from environmental advocates who see e-bikes as part of a cleaner, more sustainable urban transport future.
Behind the desk
Inside the company, staff describe Vydryn as “measured,” “thoughtful,” and “quietly rigorous.” He is not known for sweeping speeches or flamboyant announcements. Instead, he leads with precision, data, and a firm grasp of on-the-ground realities. He keeps a low profile, but those around him say his presence is unmistakably felt, in strategy meetings, in branch performance reviews, and in the quiet encouragement he offers regional managers during field visits.
Staff say he often listens more than he speaks, and when he does speak, it is usually to ask questions that force everyone in the room to think deeper. “He is methodical and expects you to back up what you say with results,” says Douglas Kikonyogo, an employee. “He is not distant, just deliberate.” Mogo’s team has grown rapidly under Vydryn's tenure, expanding from under 300 to over 450 employees, a testament to the company’s widening footprint across Uganda.
The hiring wave has been diverse and purposeful, including local loan officers familiar with regional customer behavior, customer support agents who serve as the human face of finance in underserved areas, and skilled mechanics who ensure financed motorcycles stay on the road.
This steady increase in staffing is not just about numbers; it reflects Mogo’s deepening engagement with the communities it serves. However, with growth comes growing pains. Staff turnover continues to be a persistent challenge in some branches, particularly those in high-traffic or remote areas. Recruiting, training, and retaining the right people in such a fast-paced environment requires continuous innovation in human resource practices, something the company acknowledges and is working to improve.
The bigger picture
At the core of Mogo’s work is the simple but fragile idea of trust—trust that someone with no formal payslip will repay a multi-million shillings loan. That trust is not always rewarded. But Vydryn argues that building access to finance in developing markets cannot be done without risk. In early 2024, Mogo Uganda signed a Shs19b financing deal with Absa Bank Uganda, its largest institutional partnership to date. The facility will allow the company to expand its reach into secondary towns, where many riders currently operate without owning their bikes. Analysts view the Absa deal as a vote of confidence in the company's data systems and business model, but also a test. The coming months will reveal how sustainably Mogo can grow beyond Kampala.
