Bank unveils motorbike loan scheme
BANK of Africa has launched motorcycle loan facility targeting boda-boda operators, Patrick Okino and Bonney Odongo report.
The â€˜Easy rideâ€™ loan, launched on Friday, saw 22 motorbikes handed over to a Lira-based boda-boda association.
Michel Kahn, the Bank of Africa managing director, said the scheme targeted boda-boda riders and people organised in associations.
Motorcycle operators in Arua, Mbarara, Mbale, Fort Portal and Lira will benefit from the scheme, he said.
districtsâ€œAt Bank of Africa, we pride ourselves in providing tailored financial solutions for all kind of clientele, and the easy ride product is one of such product,â€ Kahn said.
He advised the beneficiaries to regularly maintain and service the motorcycles to enable them carry on with their businesses effectively and clear off their obligation with the bank.
Deogratious Kibirige, the vice chairman Uganda National Chamber of Commercial Lira branch, urged people to take the advantage of the banking institutions in the district to access financial service to do business.
â€œThese banks are not here to decorate the town. They are here so that we can access financial services, including loans to expand on our businesses,â€ said.
He said sometimes boda-boda cyclists misuse these opportunity by being negligent and involving their motor bikes on serious accidents making it hard for them to service the loan.
Other boda boda, he said, waste the income they get from their work on prostitutes, which he noted had got no return to the business.