KACITA to petition Parliament, Trade Ministry against high interest rates

By Charles Katabalwa

7^th June 2023

Traders under the Kampala City Traders Association-KACITA have vowed to petition Parliament and the Ministry of Trade about the continued financial distress and exploitation by different financial institutions in the country.

While addressing journalists in Kampala, Thaddeus Musoke, the KACITA Chairman said that they appreciate that financial institutions have continued to develop various financial packages with the aim of facilitating and enabling their business grow and survive but they have turned guns on traders by placing difficult protocols on acquiring loans as well as putting high interest rates which has led to huge financial losses to businesses.

Musoke says commercial banks give a difficult time to Ugandans in accessing funds yet foreigners access them, sometimes with no interest yet they are all in the same business field which affects local business people.

He has disclosed that KACITA has also picked interest in the ongoing case between businessman Hamis Kiggundu and Diamond Trust Bank where the bank is accused of operating in Uganda without a license and certificate from Bank of Uganda as stipulated by the Financial Institutions Act.