Boda boda association to collect over Shs 280mln
GULU – Gulu West Boda Boda Association expects to collect Shs 288 million from members in the financial years 2023 /2024 and 2024/ 2025.
Emmy Ocen, the chairperson of the commercial riders’ association disclosed on Friday during the commissioning of the boda boda motorcycle loan scheme at Kaunda Grounds in Gulu City.
Ocen said they expect to collect the approved revenue from 6,000 members of the association, each paying Shs 48,000.
According to Ocen, they are partnering with Mapenduzi Foundation and Pentagon Moto Suppliers to provide cheap boda boda loans.
Joseph Odia, one of the boda boda operators applauded the initiative which he said is timely as most of the boda boda operators are struggling with expensive loans from microfinance institutions.
The market price for a boda boda motorcycle in Gulu City varies between Shs 5.5mln to Shs 6mln. However, using loans from private companies, one could end paying between Shs 9mln to Shs 11mln for a motorcycle.
Ocen: “We received more than 20 cases of motorcycles repossessed by those micro financial institutions which issue such loans on a weekly basis.”
The Member of Parliament for Bardege-Layibi Division, Martin Ojara Mapenduzi who donated five motorcycles to the loan scheme urged boda boda riders to embrace the saving culture, saying it will help them to prosper.
https://thecooperator.news/boda-boda-riders-urged-to-form-saccos/
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