Centenary Bank, has moved to improve the lives of over 48000 boda-boda cyclists who are members of Kampala Metropolitan Boda Boda Entrepreneurs SACCO
Industry

Centenary empowers over 48,000 BodaBoda Cyclists with cheap loans

Centenary Bank, has moved to improve the lives of over 48000 boda-boda cyclists who are members of Kampala Metropolitan Boda Boda Entrepreneurs SACCO by offering them quick ways of acquiring Boda Boda loans.

Members of the SACCO can acquire motorcycles for business by securing a loan at a minimal down payment of Ugx 500,000.

“Today we have launched the SACCO’s housing project where members will be able to acquire plots of land and get affordable housing through which will help improve their standards of living,” said Michael Jjingo, Centenary Bank’s Chief Manager Business Growth.

He said the bank will sign-up more boda-boda Associations to become Cente Agents.

“We have a key focus on the ordinary Ugandans’ personal development through the bank’s financial inclusion drive.

“Additionally, with the aim of extending affordable housing to its members, the SACCO  with the support of Centenary Bank, will see an estimated 200 units constructed for members on the 25-acre piece of land,” stressed Jjingo.

KAMBE SACCO, which was established in 2015 has so far registered over  48,210 members since its inception. Through its partnership with Centenary Bank, the Association has been able to avail over 1,500 motorcycles and a 25-acre piece of land situated in Sissa –Kajjansi along Entebbe road for members.

Individual members of the Association will be given a loan of up to UGX 25 million at an initial deposit of UGX 1.5 million intended for the construction of their homes. Of the UGX 25 million, UGX 6 million will be used for land, while UGX 19 million for construction.

During an event to mark the launch of the SACCO as a Cente Agent, the bank also donated 4 four computers to Kampala Metropolitan Boda Boda Entrepreneur SACCO at their offices in Mengo – Kisenyi as a way of enhancing financial inclusion.