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Nyahuka Traders Decry Lack of Banking Services

However, despite all the commercial transactions, which generate large sums of money, the area lacks a commercial bank to facilitate the trade.

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Traders in Nyahuka border town in Bundibugyo district want permanent commercial banks established in the area to help promote trade. The nearest commercial banks are located in Bundibugyo town, about 13 kilometers away. 

The traders say the absence of a permanent commercial bank is hindering the development of businesses and exposing them to risks. Nyahuka, located in Kisindi Sub County, is about 12 kilometers to the Uganda-DR Congo border.  It is also a fast growing trade area that is yet be elevated to a town council.

 

Last month, the road that links Fort Portal to Ntoroko, Bundibugyo and then eastern Democratic Republic of Congo was completed.The area boasts of several businesses comprising several foreign currency dealers, hotels, lodges, bars, retail shops, a beer and soft drinks depot and several other petty businesses that generate sums of money for the proprietors.

 

However, despite all the commercial transactions, which generate large sums of money, the area lacks a commercial bank to facilitate the trade. David Mukoojo, the chairman of the business community in Nyahuka, explains that robbers have taken advantage of the absence of a commercial bank to regularly rob traders of their daily proceeds.

 

He says that the robbers often waylay traders as they take money to banks to Bundibugyo town. According to Mukoojo, if their safety is to be guaranteed, a permanent bank should be stationed at the border post.  Michael Musoki, a trader confirms Mukoojo\'s fears. 

He says that two months ago, two traders who were involved in foreign exchange were attacked by armed men who robbed them of millions of shillings. George Mwine, the officer in-charge Nyahuka police post says they will review their strength and deploy more police officers. He also wants the traders to always alert the police whenever they suspect criminals in the area.

Despite the outcry from the traders, the completion of the road has boosted business in the town. Francis Obia, a dealer of electronics says that the road is likely to boost cross border trade between Uganda and Congo. He says that some investors have started to set up businesses in Nyahuka and it will become a big business center of traders from both countries.

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