City Traders Worried Over Dwindling Financial System

By Samuel Ssebuliba

The dark cloud hanging over Uganda’s banking sector is worrying local traders.

The traders have voiced their concerns after the Central Bank Governor revealed that two more banks are being closely watched, days after Crane Bank was taken over due to inadequate capitalization.

Now speaking to KFM, the chairman Kampala City Trader’s Association Everest Kayondo says many traders had staked their properties including land titles as security for loans on personal arrangements with the proprietor Sudhir Ruparelia, making it difficult to recover them under this new arrangement.

He explains that many traders are now rushing to withdraw their money from this bank which is likely to affect their financial status.