Cake cutting during the President’s 81st birthday at Kololo
HABARI DAILY I Kampala, Uganda I Money lenders have been described as enemies to progress, who front unrealistic interest rates in order to enrich themselves, hence Government’s intention to fight them.
While addressing Boda Boda riders today at the Kololo Ceremonial Grounds, President Yoweri Museveni said that Government has launched an initiative to protect boda boda riders from exploitative boda loans and moneylenders.
“My agreement with the Boda Bodas is that it is criminal for someone to give you a rabbit and then demand a cow in return. Moneylenders give you Shs5 million and expect Shs15 million back. That is robbery,” he said, as he celebrated his 81st birthday at Kololo Ceremonial Grounds in Kampala City.
He added that high interest rates have made moneylenders “enemies of progress” across sectors, including agriculture.
Boda Boda riders who celebrated Museveni’s birthday with him at Kololo
Museveni explained that this is why the government introduced the Parish Development Model (PDM), which offers low-interest financing.
“If we give you Shs1 million, you pay back just Shs1,125,000 after two years. We have applied the same arrangement for the ghetto and now for the Boda Bodas,” he said.
The President also announced support to the industry and revealed that the State House Comptroller, Jane Barekye will certify all Boda Boda SACCOs to ensure accountability and prevent selfish individuals from misusing funds.
Janet Kataaha Museveni, the First Lady congratulated the President for reaching his 81st birthday. She urged Ugandans to embrace unity as the bedrock of transformation.
“Africa was blessed with abundant resources, but we have remained poor because we fight among ourselves. Now, by God’s grace, Uganda has been given the wisdom to form a union — to bring us together. When we unite, we will be unstoppable,” she said.
She further noted that while unity is key, Ugandans must also “learn to serve what we produce,” so as to build their own banks, wealth, and future.
Frank Mawejje, the Chairperson, United Riders Cooperative Union, revealed that the recent patriotism training at Kaweweta gave riders the knowledge to run their unions more professionally.
He said unlike in the past when SACCOs would collapse, they now employ accountants and lawyers to ensure proper management.
Mawejje however, urged the government to deal with moneylenders who still confiscate the riders’ National IDs despite a Presidential directive banning the practice.
Fred Ssenoga, the Union Business Products Advisor, called for unity between the taxi and boda boda sectors, saying their combined numbers in Kampala could lobby for life-transforming projects.
He announced plans to establish “Union Villages” to help members own homes instead of spending their entire lives riding without a place to call their own.
Ssenoga also appealed for government review of the Shs 700,000 digital number plate registration fee, arguing it was unfair for riders to pay the same as luxury car owners.
Rashid Sekindi, the Chairperson, Uganda Taxi Operators Federation (UTOF) requested the President to officially launch the new taxi park in Kampala and thanked him for expanding the road network and harmonizing the previously divided taxi industry.
Events promoter Abbey Musinguzi alias Abtex also requested the President to support events promoters through SACCOs, citing heavy exploitation by moneylenders.
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