Housing Finance Bank, Boda Union sign partnership to empower riders across Uganda

KAMPALA ; Housing Finance Bank (HFB) and the United Boda Boda Riders Cooperative Union (UBBRCU) have signed Memorandum of Understanding (MoU) aimed at strengthening and empowering riders and drivers with tailored financial solutions that improve their livelihoods and promote financial inclusion.

The partnership was signed on Wednesday as HFB hosted members of United Boda Boda Riders Cooperative Union at their head office in Kololo.

Speaking at the event, Fred Senoga, Managing Director 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.

“This Memorandum of Understanding is going to enable all the riders to build houses through getting access to both boda boda loans and housing loans from Housing Finance Bank,” Senoga said.

He added that the initiative is built on discipline, strong systems, and visionary leadership aimed at transforming Uganda’s transport sector into a key driver of economic growth.

“Through discipline, strong systems, and visionary leadership, we can unlock the full potential of Uganda’s transport sector. Through organising boda bodas, taxis, and buses, we will transform it into a powerful economic engine, creating new opportunities for thousands to build their futures,” he stated.

In his remarks, Senoga shared the journey that inspired the formation of the Boda Boda Union, recounting how experiences in Guinea and discussions with colleagues reignited his passion to organise Uganda’s public transport sector.

“I realised we could do what they are doing in Guinea ten times better. I told myself I want to go and organise Boda Bodas,” he narrated, adding that the idea was met with laughter at first, but later gained momentum after engaging boda boda leaders in Kampala.

Senoga credited the Union’s chairman, Mr. Frank Mwanje, for his leadership and vision, saying his guidance has helped shape the union’s direction.

“If he wasn’t a visionary leader, we would not have come this far.”

He revealed that by next year, the Union plans to introduce a “Union Bus” and organise the taxi sector under the same cooperative framework.

He also hinted at future ventures into telecommunications and internet services aimed at creating jobs and expanding opportunities for members.

Representing Housing Finance Bank, Ms. Peace Ayebazibwe, the Executive Director, described the partnership as a milestone towards affordable housing, financial inclusion, and sustainability.

“This partnership is going to help us achieve a lot. We are going to support motorcycle riders, especially those who do not own their motorcycles, by giving them loans,” Ayebazibwe said.

She noted that the bank is focusing on electric motorcycles to promote environmentally friendly transport and support 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.

“Most boda-bodas also have some side businesses or their wives are running businesses. We are saying we shall support those businesses as well,” she said.

She emphasised the importance of financial inclusion through digital platforms to encourage savings and reduce reliance on cash transactions.

“We are looking at digitising the process so that you don’t have to carry cash all the time,” she said.

Highlighting the broader impact of the initiative, Ayebazibwe said the programme would 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 applauded the Boda Boda Union leadership for their vision and commitment to uplifting Ugandans in the informal transport sector.

“Thank you for being visionary. You’re looking at every area that is touching the rider and the economy. I believe you are going to achieve a lot if you work together,” she said.

Ayebazibwe also appreciated the media for amplifying such stories that inspire and encourage positive change.

“When you light a candle and cover it, the light will not be seen. But when you do things and the media amplifies them, many people get to know and are challenged to do more,” she noted.

As the event concluded, officials from both Housing Finance Bank and the United Boda Boda Riders Cooperative Union officially signed the MoU, marking the beginning of a partnership that seeks to empower riders, support sustainable businesses, and foster economic growth across Uganda.