Nova Microfinance has partnered with Simba Automotives Limited, a leading motorbike company in Uganda, to increase access to fuel-powered and electric motorcycles across the country. The partnership aims to provide flexible financing and repayment plans to individuals, companies, and business owners through Simba’s 65 distribution points.

The initiative targets the boda boda sector, which is Uganda’s second-largest employer, with millions of riders and dependents relying on their services for small-scale commerce and transportation. By offering financing options with down payments as low as UGX 450,000, payable within 12 to 24 months, more people will be able to own motorbikes, boosting economic productivity, particularly for delivery riders, small traders, and commuters.

According to Precious Naluwu, Partnerships Manager at Nova Microfinance, the partnership will accelerate the growth of the informal sector and increase employment opportunities by providing access to a wide range of motorbikes. Chitwan Dogra, CEO of Simba Automotives, highlighted that the extensive network of over 60 distribution points nationwide will make motorcycles accessible to everyone.

This initiative is expected to benefit small business owners and individual riders, who can now acquire a motorcycle with a manageable initial deposit. The partnership demonstrates the commitment of both companies to supporting the growth of Uganda’s economy by providing affordable financing options for essential transportation.

The boda boda sector plays a critical role in Uganda’s economy, and this partnership is a significant step towards increasing access to transportation and promoting economic growth. With the rising demand for efficient and affordable transportation, this initiative is likely to have a positive impact on the sector and the country’s economy as a whole. As the partnership rolls out, it is expected to create new opportunities for individuals and businesses, contributing to the country’s economic development.