Bunyoro locals upbeat as Housing Finance Bank opens new branch in Hoima City

Local leaders in Bunyoro region are optimistic that the opening of a Housing Finance Bank branch in Hoima City will help residents to own land and houses through its mortgage system and lead to socio-economic growth.

Speaking at the launch of the Housing Finance Bank branch in Hoima City on Wednesday, 03 May 2023, Mr Fred Kabagambe Kaliisa, the presidential adviser on oil and gas, said given the ongoing oil and gas activities in the region, many people have been yearning to engage in real estate business in vain since most financial institutions in the region do not offer such services.

“I would like to congratulate Housing Finance for coming to Hoima. Personally, I have been customer since 1995, so, those are 28 years of being served by the Bank.  What the MD, Michael Mugabi, has said about it – that it is convenient, trustworthy, and serves the people is not abstract, that is what Housing Finance is all about,” Dr Kaliisa said.

The Mayor Hoima City – Adyeri Brian Kaboyo – said Bunyoro is a fast developing region from which the bank can tap many investment opportunities.

“I want to thank the MD of Housing Bank for bringing the bank to Hoima City. We want to appreciate you as the people of Hoima because we know the bank has many products which our people can benefit from. Hoima is a fast-growing city and I invite you all to explore the multiple opportunities for investment,” Kaboyo said.

The Housing Finance Bank Managing Director, Mr Michael Mugabi, said the new branch is aligned with their commitment to promote financial inclusion and providing accessible and affordable financial services to individuals and businesses in the region.

“I am thrilled to be here to celebrate the opening of our very first branch in the Albertine region. This region is like no other, it is known as the Oil City of Uganda. As the Bank, we are extremely excited to be here to launch our presence in this very powerful city of Hoima and more importantly for us, to launch our 18th branch,” he said.

“We are a growing institution, and I am happy that we continue to spread out. This is an exciting milestone for us as a bank and a significant stride towards our core purpose of providing convenient, affordable, relevant, and empowering solutions to the people of Uganda. Our mandate is to make sure that everyone has a roof over their head,” he added.

Mugabi said the bank’s incremental housing solution, the Zimpa Mpola Mpola, has enabled over 1,500 families with low incomes to become first-time homeowners.

“We are committed to joining key stakeholders to address the urgent need for affordable housing. We want to ensure that every Ugandan out there has a place to call home,” he explained.

John Baptist Kaweesa, the Bank’s Head of Consumer Banking & Mortgages, said they recognize the importance of supporting the housing and small and medium-sized enterprises (SMEs) needs of the region and will offer personal and business loans, savings and investment accounts, mobile and internet banking, and more.

“This expansion allows individuals and SMEs involved in real estate development to tap into growing housing demand and provide affordable solutions within the region,” he said.