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The National Resistance Movement (NRM) Secretary General, Rt Hon Richard Todwong, has vowed to rescue thousands of city vendors from the sharp fangs of loan sharks who take advantage of their financial situation to charge them exorbitant interest rates.
Todwong was on Sunday meeting leaders of vendors from Kampala at the party headquarters when he said money lenders had become a real problem to the vendors yet there were various government programmes from which they could benefit.
“From the look of things, they are really suffering in the sense that they are always with money lenders. Money lenders have taken advantage of them. They give them little money with very high interest. You find someone borrowing 20,000 shillings and pays back at an interest rate of 20% and they will never grow because they are working to just pay money lenders,” Todwong said.