Housing Finance Bank has reaffirmed its commitment to supporting Uganda’s next phase of economic growth through increased financing for housing, businesses and underserved communities.
The commitment was made by the bank’s Managing Director and Chief Executive Officer, Michael Mugabi, during a meeting with the Minister of Finance, Planning and Economic Development, Henry Musasizi.
Mugabi said the bank is aligning its operations with national development priorities by scaling up sustainable housing solutions, financing enterprises and extending financial services to Ugandans who have traditionally been left behind by mainstream financial institutions.
The meeting also focused on ways of expanding access to affordable financing, with Musasizi urging the bank to reduce lending rates and increase the availability of cheaper credit to support households and businesses.
Musasizi commended Housing Finance Bank for its steady growth and strong financial performance but challenged the institution to place greater emphasis on making credit more affordable for Ugandans.
“I congratulated Housing Finance Bank for the steady growth and good performance over the years, adding that the Bank should focus on providing affordable credit to the population, aligning their investments with the tenfold growth strategy and also providing affordable housing to Ugandans,” Musasizi said.
He said the government and the bank discussed measures to mobilise additional resources, expand the bank’s financing portfolio, reduce borrowing costs and strengthen partnerships.
“We engaged the Bank team on mobilizing resources to expand their portfolio, reducing interest rates, joint ventures and affordable mortgage financing among other issues,” he said.
The discussions come as the government seeks to boost private sector investment and make financing more accessible as part of efforts to accelerate economic growth. Affordable housing and increased access to credit remain key priorities under the tenfold growth strategy.
Housing Finance Bank said it will continue working with government and other partners to deliver financing solutions that support home ownership, enterprise growth and wider financial inclusion.
