Vendors mortgage lock-ups to complete Kisekka market

Friday December 7 2018

Vendors dilemma. An aerial view of former

Vendors dilemma. An aerial view of former Kisekka Market in 2014 after it was demolished by vendors for redevelopment into modern structures. FILE PHOTO 


Kampala. Kisekka Market vendors have decided to mortgage their lock-ups to Centenary Bank to raise money to complete the stalled market.
Mr Simon Peter Lubwama, coordinator Nakivubo road, Old Kampala Kisekka Market Vendors Association said, “The biggest challenge we had was insufficient funds to complete our market. But we have partnered with Centenary Bank which is going to offer us funds through a mortgage system.”
Under the arrangement, vendors will use their space allocation certificates as security to acquire mortgages from the bank.
He, however, added, “The money will be wired straight to the account of the vendors’ association which will in turn pay it to the Roko Construction account which is building the market.”
Mr Lubwama also blamed politicians for the stalling of the project.
“The politicians have been instrumental in the disrupting the progress of the Kiseka market,” he said.
So far, 1,858 vendors have already shown interest in the mortgage scheme to complete the market. Though the market had more than 3,000 vendors initially, some are yet to agree to the new arrangement.
Mr Abdul Kyanika, manager consumer lending at Centenary bank said, “It’s good that the traders have put politics behind them and are ready to move on. We shall provide all the necessary funds needed to complete the project.”
“One can borrow up Shs8b and the mortgages have a 5 to10 year lifespan,” noted Kyanika.
Some sections of the market are expected to be operational by end of January 2019 - that is block A and B which is in the final stages, while works on blocks C and D are expected to start in the first quarter of 2019.