KAMPALA
.President Museveni has introduced two types of affordable loans to help the vendors and boda boda riders improve their livelihoods by stabilising their incomes.
According to Mr. Moses Byaruahanga ,the Senior Presidential Advisor on Political Mobilization, through the Microfinance Support Centre, the Katale loan initiative will be put up in each market and vendors will be able to access it at only 8 percent interest per year.
“We calculated that if you get a loan of Shs1m, the interest will be Shs80,000 per year. This will come with no collateral and there will be no money for registration,” he said while meeting Kalerwe women vendors at Kalerwe market, Kawempe Division,Kampala City .
Mr. Byaruhanga revealed that boda boda riders will also be able to access “boda boda loans” whereby they will be required to pay Shs7.2m for a boda boda of Shs6m, after full payment of the loan.
“We don’t need any deposit, GPS for tracking will be installed on the motorcycle and it will also be insured.” He explained
On the other hand, Mr. Byaruhanga cautioned the Kampala Capital City Authority (KCCA) enforcement team against confiscating the merchandise of vendors.
“Take a video if anyone tries to confiscate your property and present it to the authorities,” he advised.
He further revealed that he was going to engage the KCCA Executive Director, Hajjat Sharifah Buzeki on the issue.
On the issue of property tax, Mr. Byaruhanga stated that if a house is occupied by the owners not for rent or business, they should not pay such tax.
He also supported luggage carriers in the market with Shs5m as well as Kalerwe Women Vendors SACCO with Shs 5m to help boost their businesses.
Mr. Byaruhanga further pledged to support the SACCO of Kawempe boxing club with capital and gym equipment.
Ms. Namata Justine, the chairperson of Kalerwe Women Vendors Association thanked President Museveni for the support aimed at improving the livelihoods of ordinary Ugandans.
“The President through his support has helped women take care of their homes,” she said.