Marketing of mukene (Rastrineobola argentea), a freshwater lake sardine, has become a lucrative business in Uganda after decades of underutilization. However, little was known about its value chain which prompted a 20-day study at two selected landing sites on Lake Victoria in Uganda and several fish markets in Kampala. About 200 fisher-folk were interviewed to identify key stakeholders, linkages, and economic variables along the mukene value chain. Results indicated that 70 per cent of dried mukene was marketed for human consumption and 30 per cent for animal feed production. Boat owners incurred the highest inputs and local traders incurred the lowest. Although fisher-folk and processors influenced mukene quality, their profit margins were only 10 per cent and 12 per cent, respectively, compared with boat owners/traders' profits of 90 per cent and 48 per cent for human consumption and animal feed, respectively. These key players along the mukene value chain played indispensable roles regardless of their profit margins.