Housing Finance Bank Leads Collaboration Efforts to Boost Vehicle and Asset Acquisition in Uganda

Uganda’s economic growth trajectory, as outlined in the recent Bank of Uganda monetary policy statement, projects a promising outlook ranging between 5.5% to 6.5% in the short-to-medium term. With sectors such as agriculture, extractives, and infrastructure development driving this growth, there’s a heightened demand for vehicles and equipment across both individual and business segments. Recognizing the necessity for collaborative efforts to meet this demand, Housing Finance Bank spearheaded a pivotal dialogue among stakeholders in the vehicle and asset financing (VAF) sector.

Bringing together key players including CFAO Mobility, MAC East Africa, RentCo, SKENYA Motors, Pacific Diagnostics, Atlas Cargo, Double Q, Babu Motors, Victoria Motors, as well as insurers such as CIC Insurance and SWICO, Housing Finance Bank facilitated a robust VAF partners’ forum. The primary objective of this gathering was to foster knowledge exchange, share industry insights, and explore opportunities for collective growth and prosperity within Uganda’s socioeconomic landscape.

Led by esteemed figures including Mr. Michael K. Mugabi, Managing Director; Ms. Peace K. Ayebazibwe, Executive Director; and Angela Ndawula, Head of Business and Institutional Banking, alongside other senior executives, the forum underscored the commitment of Housing Finance Bank to serve evolving business needs while nurturing partnerships that drive enterprise growth and enhance customer satisfaction.

Ms. Ayebazibwe highlighted the bank’s multifaceted approach, emphasizing that while Housing Finance Bank is renowned for its mortgage solutions, it also extends its services to encompass mainstream financial solutions, including VAF solutions tailored to meet the diverse needs of businesses across various economic sectors.

Mr. Mugabi reiterated the significance of partnerships in fostering mutual business prosperity and socioeconomic development, particularly within Uganda’s expanding vehicle and asset financing market. He emphasized the bank’s commitment to leveraging partnerships to advance environmental, social, and governance agendas, particularly in eco-friendly technologies and electric vehicle spaces.

Richard Elimu, Group Chief Executive at the Riel Group Africa, commended Housing Finance Bank for its unwavering support to players in the asset financing sector, reflecting on a decade-long partnership that has facilitated access to financing for numerous customers. He urged for continued collaboration and alignment between suppliers and the bank to streamline processes and enhance customer experiences.

Housing Finance Bank’s proactive engagement with stakeholders reflects its dedication to fostering inclusive growth and driving socio-economic development in Uganda. By facilitating dialogue and partnership opportunities, the bank continues to play a pivotal role in facilitating access to financial solutions and driving business expansion across various sectors of the economy.