The Senior Presidential Advisor in-charge of political mobilisation, Mr. Moses Byaruhanga has reiterated the government’s commitment to continue supporting market vendors to improve their livelihoods.
He said the government is working around the clock to ensure that vendors get support to sustain their businesses through the Katale loan.
“The aim of this loan is to help our vendors get money at a very low interest rate,” he said.
Mr. Byaruhanga made the remarks today while meeting leaders of different markets in Kampala City. The event was held at Kolping Hotel, Kawempe Division.
The meeting was aimed at sensitizing leaders of markets in Kampala regarding the Katale loan project which is set to be rolled out in different markets to help vendors grow and sustain their small enterprises.
The project is being handled by the State House with support from the Microfinance Support Centre (MSC).
Mr. Byaruhanga explained that the project is going to be first piloted on six markets which include St. Balikuddembe/Owino, Kalerwe, Nakawa, Ggaba, Nakasero as well as Busega and it will be officially launched in the near future.
“This money is returned within a year and you are given a grace period of 1 month before you start paying back the interest,” he noted.
He said vendors will receive the loans individually via Mobile Money.
“You will be required to get guarantors. This will help to promote efficiency within the project,” he noted.
“The pilot will run for three months and see how the six markets have performed. From there , we shall roll it out to other markets.”
Mr. Byaruhanga further reminded the vendors that President Yoweri Kaguta Museveni has always supported markets, pointing out Owino Market where the President has invested billions of shillings.
“You will not eat the good tarmac road, hospital or school, you need money in your pockets to improve your livelihoods.”
On the other hand, Mr. Byaruhanga assured the vendors that the government will add more money to the myoogas which have performed well.
“Last year, we did an inspection exercise in Kampala regarding the performance of Emyooga, we found out that over 200 myoogas were dysfunctional. But those who were performing well, we shall add them Shs 20 million,” he said.
Mr. Byaruhanga implored the vendors to vote for NRM MPs who are ideologically oriented. He explained that the NRM MPs will represent their interests which is not the case with the opposition legislators.
“You are leaders in your markets, rally your fellow vendors to support President Museveni and other NRM flagbearers for continued development,” he stated.
He also reminded the vendors how with the support of the President, his office managed to stop the spread of cholera in Kampala after introducing the clean water project in the most prone areas of the city.
In May last year, President Museveni directed the MSC to extend low interest government funding- Katale loan at an interest rate of 8 percent per annum.
The first of its kind, the project will benefit thousands of vendors across Kampala markets and it will save the beneficiaries from unscrupulous money lenders whose terms and conditions are unfavourable.
The Head of Business Development Services, MSC, Mr. Gidson Ainamani noted that the pilot will help them get a better product which will be later rolled out to other markets.
“We are just starting. That’s why we are piloting starting with 6 markets,” he said.
The Communications Manager of MSC, Mr. Tadeo Atuhura said the centre is mandated to sensitize the masses on financial management and offer financial support through the government to Ugandans.
“The program is non- discriminatory, it’s for all vendors irrespective of their political affiliation,” he said.
On their part, the vendors commended President Museveni for empowering them through various programs such as Katale loan.
Ms. Namayanja Faridah, Usafi market Vice Chairperson requested Mr. Byaruhanga that they also need the Katale loan and they will be grateful if they are involved in the second phase of the project.
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