The boat was traveling from Lwanabatya landing site in Kalangala district to Kasenyi landing site in Entebbe when it capsized in heavy winds.
Patrick Onyango, the spokesperson for Kampala Metropolitan police, said that the cause of the accident was likely due to overloading and adverse weather conditions.
Rescue operations are currently ongoing, with teams from the Police Marines, UPDF Fisheries Protection Unit, and local community working together on the waters to locate the missing individuals.
The victims of the accident are believed to be traders who were transporting goods to Entebbe.
This is the latest in a series of boat accidents on Lake Victoria. In 2018, a ferry capsized on the lake, killing more than 200 people.
The government has been urged to take steps to improve safety on Lake Victoria, which is a major transportation hub in East Africa. (ILKHA)