Kampala, Uganda | Housing Finance Bank (HFB) has signed a Memorandum of Understanding with “Union” the national boda riders cooperative to empower riders, drivers, and in the future, women market vendors, with customized financial solutions for improved livelihoods.
Under the partnership, HFB will extend affordable loans to “Union” members through its Zimba Mpola Mpola scheme, enabling them to borrow between UGX 200,000 and UGX 50 million for purchasing land and constructing homes.
Speaking at the signing ceremony held at the bank’s head office in Kololo, HFB Executive Director Peace Ayebazibwe emphasized that the initiative will promote financial inclusion for thousands of Ugandans working in the transport sector.
“Through this partnership, we are providing affordable loans, digital payments, and savings support to help riders own assets, grow income, and plan for their families. This is empowerment in action,” said Ayebazibwe.
She noted that the boda boda industry employs over 1.2 million riders, making it Uganda’s second-largest source of employment after agriculture. “If we support one rider, we uplift up to nine family members that’s real impact,” she added.
Head of Microfinance, Annet Nakidde Sebugwaawo, reaffirmed the bank’s dedication to supporting the transport sector with practical, people-centered financial products.
Housing Finance officials also commended Fred Senoga, the Business Product Advisor of “Union”, for his leadership in organizing riders, bus, and taxi drivers to collectively improve their financial well-being.
Senoga said the “Union” plans to expand its footprint to all 72,000 villages in Uganda through affordable housing projects and has already facilitated the acquisition of 10,000 electric bikes in just 90 days.
He added that the cooperative’s partnerships with entities such as NSSF, MTN Uganda, Next Media, Spiro, Honda, and others are transforming Uganda’s transport and financial ecosystem.
“Through discipline and strong collaboration, we can turn Uganda’s transport sector into a powerful economic engine,” Senoga said.
The “Union” aims to sell 100,000 electric motorcycles and taxis within the next year while promoting sustainable mobility and housing for its members nationwide.