United Boda Boda Riders Cooperative Union, a transformative initiative that brought order in the transport sector is set to bring financial sustainability for riders nationwide through establishing a cooperative Bank and land facility for its members.
Available data show that there are an estimated 1.2 million boda boda riders in Uganda with about 150,000 registered stages In Kampala alone, there are 350,000 boda boda riders and 1,021 registered stages.
According to Frank Mawejje Chairman of United Boda Boda Riders Cooperative Union says in Kampala majority of their members spend their hard earned money on housing rent however tis will be history wen the cooperative bank is finally launched a development tat will solve the riders financial needs.
Mean while the land facility will enable members get plots of land on loan scheme so that they build permanent houses.
Mawejje says majority of riders face access to affordable financing and those who manage to get loans get it under harsh loan conditions,
“We are planning to offer access to microloans and affordable asset financing to members to ensure they can own their motorcycles without any Hussle,” he stressed.
According to Frank Mawejje through the cooperative bank they will enhance financial empowerment, health, road safety, and address the burden of exploitative interest rates.
In February the group launched Boda Boda Union App enabling access to digital services that improve efficiency, safety, and convenience to passengers.
Raphael Magyezi, the Minister of Local Government, pledged government support for the initiative, emphasizing that it would enable the government to collect taxes from the industry in an organized manner, reduce crime rates, and improve the livelihoods of boda boda riders. He also pledged government support towards the establishment of the bank for boda boda riders.
Sadick Amoako, a boda boda rider and the Chairman of boda boda, Arua City, said: “I am very glad about the launch of this union. I am confident that our challenges will be addressed because acquiring a boda boda for 4.5 million shillings has been a struggle, especially in Arua. We have faced difficulties with moneylenders, as a boda boda worth Shs 4.5 million ends up costing double due to high interest rates. Additionally, with this union, security in our area will be strengthened.”
Maureen Kobusingye, a boda boda rider from Fort Portal, said: “I want to encourage all my fellow women to join this work so they can support their families. Thanks to this job, my children are doing well, and my family is thriving.”