President Yoweri Kaguta Museveni is reportedly set to preside over the launching ceremony for the new ‘Katale’ Loan scheme next month
The initiative aims at protecting low income market traders from the high interest loans offerd by money lenders.
This was revealed by the senior presidential advisor on political affairs office of the president Moses Byaruhanga during a special meeting at Bivamuntuyo market attended by over 300 traders from all the 24 different markets around Kalerwe in Kawempe division.
The meeting was convened and hosted by the chairperson of the Kalerwe market women vendors SACCO Namatta Justine with political guidance from the NRM Kawempe south aspiring MP hajjat Madina Ntege Nsereko.
The objectives included giving opportunity to the market traders to voice out the challenges they encounter at their work station such that Byaruhanga can effectively deliver them to the president.
He pointed out that research done with strategic guidance from State House had revealed that money lenders position themselves within markets with a view of lending out loans to desperate traders at very high interest rates which ends up not benefitting the clients as most lose their National Identity cards and other valuables taken as loan security.
‘All plans are set for the president to launch this critical program which is a deliberate effort to bail out low income groups of women who would be able to take up loans with interest rates as low as 8% per annum’ Byaruhanga observed.
He pointed out that it had emerged that many desperate women working in market spaces are finding it difficult to operate well due to the high interest loans imposed on them by some money lenders however the president has secured solutions for this problem’ noted Byaruhanga.
