President Yoweri Kaguta Museveni has contributed UGX 10.2 billion to 102 Boda Boda Savings and Credit Cooperative Organizations (SACCOs) in the Kampala Metropolitan area, pledging government support to empower riders and boost their livelihoods.
The President made the announcement while meeting Boda Boda leaders at Kololo Independence Grounds. He explained that each SACCO would receive UGX 100 million, specifically to help riders acquire motorcycles and improve their incomes.
“These SACCOs are not for the rich business people ‘Abagagga’ who are looking for profits but rather the motorcycle riders specifically intended to empower them,” President Museveni said.
He cautioned riders against diverting the funds to moneylenders, warning that high-interest lending practices undermine the government’s goal of economic empowerment.
“This money should not be given to money lenders, as their exorbitant interest rates are unacceptable. It should be used to pay for the value of the motorcycle the way it is,” he stressed.
The President directed that loans issued under this program should carry an annual interest rate of 6 percent, describing the rate as fair and intended to control inflation rather than generate profit.
“I will formalize this in writing, and anyone who defies it will face legal consequences,” President Museveni warned.
The initiative is part of government efforts to strengthen youth economic participation by supporting productive ventures that can lift families out of poverty.
