Housing Finance Bank (HFB) and the United Boda Boda Riders Cooperative Union (UBBRCU) have signed a Memorandum of Understanding (MoU) aimed at empowering riders and drivers with tailored financial solutions that will improve their livelihoods and promote financial inclusion.
Under the MoU, members of Union will access HFB’s “Zimba Mpolampola” product, a low-interest loan scheme designed to help low-income earners build their homes gradually and sustainably.
Speaking at the event, Fred Senoga, Business Product Advisor of the United Boda Boda Riders Cooperative Union, said the agreement will allow riders to access affordable boda boda and housing loans from Housing Finance Bank.
He revealed that the initiative builds on the union’s wider goal of improving the welfare of over 1.3 million transport workers nationwide.
“We recently acquired land in Busunju for what we call the Union Village. Through this partnership, we want our members to stop worrying about rent and start building homes they can truly call their own,” he said.
Senoga added, “Through discipline, strong systems, and visionary leadership, we can unlock the full potential of Uganda’s transport sector.”
“By organizing boda bodas, taxis, and buses, we will transform into a powerful economic engine, creating new opportunities for thousands to build their futures.”
Representing Housing Finance Bank, Peace Ayebazibwe, said the programme will improve household welfare, create jobs, and contribute to community development.
“When you put up a house for that rider, you’re touching so many other lives. The children have a place to sleep, they’ll not fall sick all the time, and their welfare improves,” she said.
She noted that the bank is focused on promoting environmental friendly transport while supporting long-term sustainability.
“For me, what is exciting is that we are looking at sustainability. These are electric motorcycles, which are also friendly to the environment,” she explained.
Ayebazibwe added that the bank would also offer business growth credit to support riders and their families, many of whom run small enterprises.
She applauded the Boda Boda Union leadership for their vision and commitment to uplifting Ugandans in the informal transport sector.
Boda Boda Union Chairperson Frank Mawejje, described the partnership as a major step towards improving the livelihoods of workers who form the backbone of Uganda’s public transport system.