Housing Finance Bank drives collaborative efforts in vehicle and asset financing
In a bid to capitalise on Uganda’s projected economic growth and increasing demand for vehicles and equipment, Housing Finance Bank recently spearheaded a partners’ forum aimed at fostering collaboration within the vehicle and asset financing (VAF) ecosystem.
The forum brought together key stakeholders including asset vendors, insurers, and leasing firms, highlighting the importance of collaboration in meeting the growing demand for vehicles and equipment across Uganda.
Led by Mr Michael K. Mugabi, managing director of Housing Finance Bank, and Ms Peace K. Ayebazibwe, executive director, the forum provided a platform for industry insights and discussions on the effectiveness of VAF solutions in driving socioeconomic growth.
During the forum, Ms Ayebazibwe emphasised the bank's commitment to providing comprehensive financial solutions, including VAF solutions, to meet the diverse needs of businesses and individuals in Uganda.
She underscored the importance of partnerships with asset vendors and insurers in enhancing collaboration and increasing uptake of VAF solutions.
"In our Vehicle and Asset Financing (VAF) solutions, asset vendors and insurers form an integral part of the delivery process as partners," Ayebazibwe said.
"And this is why we are intentional about engaging you directly on how we can enhance our collaboration to increase uptake and value in this space."
Mugabi echoed these sentiments, highlighting the positive economic growth outlook in Uganda and the opportunities it presents for players in the vehicle and asset financing market.
He emphasized the bank's focus on leveraging partnerships to advance its Environmental, Social, and Governance (ESG) agenda, particularly in eco-friendly technologies and electric vehicles.
"As asset vendors and insurers, you form an integral part of the delivery process of our Vehicle and Asset Financing (VAF) solutions as partners," Mugabi said.
"This is why we are intentional about engaging you directly on how we can enhance our collaboration to increase uptake and value in this space.
The forum also saw participation from industry leaders such as CFAO Mobility, MAC East Africa, RentCo, and Victoria Motors, as well as insurers including CIC Insurance and SWICO, further emphasizing the collaborative efforts within the VAF ecosystem.
With Housing Finance Bank's initiative to convene the VAF partners' forum underscores its commitment to driving collaborative efforts in Uganda's vehicle and asset financing sector.
By fostering partnerships and engaging stakeholders, the bank aims to meet the increasing demand for vehicles and equipment while contributing to the country's socioeconomic development.
