President Yoweri Kaguta Museveni of Uganda announced plans to intervene in the motorcycle credit purchase business by announcing plans to establish loan schemes for Boda Boda rides during a mega boda boda rally in Iganga municipality on Saturday.
Museveni’s move comes after Eria Musoba, Coordinator of Boda Boda Chairmen in Busoga Sub-region, reported that riders were being exploited by companies offering motorcycles on high-interest loans.
In response, the president said, “I’m going to set up loan schemes for you Boda Bodas per zone like Busoga. I don’t want to hear out children in the Boda Boda sector going to those people who are greedy for money.”
The President assured riders that he will provide them with good loans to own their motorcycles, earn a living, and improve their livelihoods.
However, he added that they diversify their income-generating activities, as the boda boda business may face stiff competition in the future.
“As you go into the boda boda business, you may face challenges in the future. Recently, we repaired the train from Mukono to Nalukolongo. Now so many passengers have gone to that train, and as it continues to expand, you may find boda bodas lacking passengers. People may shift to the train because it’s cheaper and safer,” he explained.
Museveni also revealed plans to outlaw exploitative loan companies and money lenders. “Giving out Shs5 million and taking Shs10 million is extortion; we are going to stop it, and we are going to outlaw it,” he said.
The President thanked Haji Faruk Kirunda for highlighting the issues faced by boda boda riders in Busoga, including murder and exploitation.
“I want to thank Faruk Kirunda for highlighting this. You heard that when I got the information, I involved the police to investigate. I’m going to check and conclude that matter,” he said.
“And as you know in Uganda, once you kill a Ugandan, you also qualify to die. The rest is to create evidence. I’m going to follow this matter, and at some point, I will inform the country about this,” Museveni also said.
