President Yoweri Kaguta Museveni has announced a massive injection of UGX 21 billion into Savings and Credit Cooperative Societies (SACCOs) for boda boda riders and mechanics across Uganda, in a move aimed at boosting financial empowerment and economic recovery among low-income earners.
The announcement was made during a public event held at Kololo Independence Grounds, where the President officially launched the boda boda and mechanics SACCO initiative. The funding is part of the government’s wider wealth-creation agenda, designed to lift ordinary Ugandans into the money economy.
Museveni urged SACCO leaders to use the funds transparently and responsibly, warning against corruption and mismanagement.
“This money is not for eating, drinking, or personal luxuries. It is a revolving fund meant to help you grow your businesses and improve your livelihoods,” Museveni emphasized.
According to the Ministry of Finance, the funds will be distributed across all regions of Uganda, with boda boda and mechanics’ SACCOs expected to receive equal support. Beneficiaries will be able to access low-interest loans to invest in motorcycles, spare parts, garages, and other income-generating ventures.
The President also challenged SACCO members to embrace a savings culture, keep proper records, and remain united if they are to benefit from this government support.
Local leaders and representatives of the boda boda and mechanics’ associations hailed the move as a historic step towards formalizing and empowering sectors that employ thousands of young Ugandans.
This development comes at a time when Uganda is heading towards the 2026 general elections, with analysts noting that Museveni’s continued investment in grassroots economic empowerment could strengthen his political support base.
The government says monitoring teams will be deployed to ensure the funds are used for their intended purpose and to prevent mismanagement that has affected past programs.
