Everest Kayondo
City tycoons their umbrella body, the Kampala City Traders Association (KACITA) finalizing plans to start their own commercial bank due to harassment from loan sharks and banks alike.
Everest Kayondo, the chairman of the association told traders at their annual general meeting (AGM) on March 20, that the organization is finalizing plans to officially launch the bank any time soon according to New Vision.
“We intend to open a commercial bank very soon that will cater for KACITA’S growing needs for investment as well as provide loans to traders at low interest rates in an effort to mitigate pressure from commercial banks that lend at exorbitant interest rates and push our colleagues out of business,” he said.
Under the law, the KACITA traders will be required to raise the minimum capital requirement by the central bank of Sh25bn intended to ensure that banks are in a better position to safeguard depositors’ money in bad economic times before launching their venture in to the banking sector.