Centenary Bank, Uganda’s leading commercial microfinance bank through it’s financial inclusion drive has improved the lives of over 48000 bodaboda cylist members of Kampala Metropolitan Bodaboda Enterpreneurs Sacco.
KAMBE sacoo, which was established in 2015 has so far registered a total of 48,210 member since 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.
Members of the sacco can acquire motocycles for business by securing a loan at a minimal down payment of Ugx 500,000. 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.
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.
Mr. Micheal Jjingo, Centenary Bank’s chief manager business growth acknowledged that the bank will sign-up more boda boda associations to become Cente Agents and has a key focus on the ordinary Ugandan’s personal development through the bank’s financial inclusion drive saying that, “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.”
Mr. Kanyike, the chairperson of the sacco informed the gathering that Smart Havens, a construction company was contracted by the association to construct the low cost houses for members.
An estimated 200 units will be constructed thereby giving individuals the opportunity to improve their lives. – SPONSORED –