Katikkiro Mayiga warns Ugandans about fake money lenders
Katikkiro Charles Peter Mayiga. PHOTO | FILE | MICHAEL KAKUMIRIZI
What you need to know:
- Mr Mayiga urged small business owners to seek funds from genuine banks instead of fake money lenders to achieve their financial goals effectively.
The Katikkiro of Buganda Kingdom, Mr Charles Peter Mayiga, has cautioned Ugandans against using fake money lenders to expand their businesses and improve their income status.
Speaking during a media engagement with a delegation from ECO Bank at Bulange Mengo on Tuesday, Katikkiro Mayiga emphasized that dealing with fake money lenders often results in exorbitant interest rates.
“Fake money lenders normally ask for accumulative interest rates and you find that your business is making losses instead of profits,” he said.
Mr Mayiga urged small business owners to seek funds from genuine banks instead of fake money lenders to achieve their financial goals effectively.
“We applaud those who are engaging with the banks and we urge others to come on board because banks have several products depending on your status. With too much poverty the country cannot develop that’s why we ask Ugandans to become self-employed, “he said
He highlighted Buganda Kingdom's initiatives to support farmers, particularly in coffee and banana production, stressing the importance of bank support for these efforts.
“In Buganda region majority of the Ugandans are farmers, therefore, we need to sensitise them on how they can engage with banks to get loans at low interest rates,” he said.
Mr Mayiga also advised Ugandans to start small businesses with minimal capital, noting that banks are willing to provide funding if individuals adhere to regulations.
“All those big businesses have grown because of support from the banks, you should avoid fake money lenders’ because they put your business at risk when you fail to pay on time” he said
The Katikkiro mentioned various Kingdom initiatives like CBS POWESA and the Coffee Production Initiative (Mwanyi Terimba) aimed at supporting both large and small-scale farmers.
Ms Hellen Luyima, Head of Corporate and Investment Banking at ECO Bank, expressed the bank's commitment to funding individuals with small businesses, especially farmers.
“We have several products which can support Ugandans on individual basis. We know majority are operating on small scale but they want to expand their businesses,” she said.
