State Minister for Kampala Capital City and Metropolitan Affairs, Kabuye Kyofatogabye, on Thursday launched nearly 90 Savings and Credit Cooperative Organizations (SACCOs) of Boda Boda riders in Kampala with an aim of empowering them economically.
The function which took place at Grand Global Hotel in Kikoni saw 87 Boda Boda SACCOs in all the 87 Parishes of Kampala launched.
In his address, Minister Kyofatogabye, said Boda Boda riders have the potential of improving their economic situation if they utilize their SACCOS.
He tasked Boda Boda leaders, on a later date, to invite all riders in Kampala so he engages them on wealth creation, prosperity and economic empowerment.
“You will have to invite for me the riders such that I lead – I clear the way to their prosperity. You have the money because you earn every day. What has been lacking is how to manage this money to stimulate development. That is the gap these SACCOs will fill,” Kyofatogabye said.
He explained that the launched SACCOs will contribute massively towards the economic growth and poverty alleviation among people in the Boda Boda industry in Kampala.
He tasked riders to at least contribute Shs2,000 to SACCO from their daily savings, saying after a couple of years, the groups will have enough money to provide loans to different members resulting in a massive impact on financial deepening among them.