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

Housing Finance Bank Senior Management and staff with stakeholders from the vehicle and asset financing sector during the Forum

In response to Uganda’s burgeoning economic growth and the increasing demand for vehicles and equipment, Housing Finance Bank recently orchestrated a groundbreaking dialogue among key stakeholders aimed at facilitating easier access to vehicle and asset acquisition for Ugandans.

The initiative, held in Kampala, saw Housing Finance Bank bring together a consortium of players in the vehicle and asset financing (VAF) ecosystem, including leading asset vendors and insurers such as CFAO Mobility, MAC East Africa, RentCo, SKENYA Motors, Pacific Diagnostics, Atlas Cargo, Double Q, Babu Motors, Victoria Motors, CIC Insurance, and SWICO.

The forum, spearheaded by a distinguished team from Housing Finance Bank led by Mr. Michael K. Mugabi, Managing Director, Ms. Peace K. Ayebazibwe, Executive Director, and Angela Ndawula, Head of Business and Institutional Banking, provided a platform for robust discussions on industry insights, best practices, and collaborative opportunities to drive Uganda’s socioeconomic growth and prosperity.

Ms. Ayebazibwe emphasized the bank’s commitment to extending its financial solutions beyond traditional mortgages, underscoring the importance of partnerships in delivering comprehensive VAF solutions tailored to the diverse needs of businesses and consumers across various economic and social sectors.

Mr. Mugabi echoed this sentiment, highlighting the immense opportunities presented by Uganda’s positive economic outlook. He stressed the need for synergies among stakeholders to meet the rising demand for vehicles, equipment, financial services, and insurance, while also advancing the bank’s Environmental, Social, and Governance (ESG) agenda through eco-friendly technologies and electric vehicles.

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. He lauded the bank’s commitment to smooth and efficient processes, which have facilitated access to financing for customers seeking to acquire assets.

The collaborative efforts led by Housing Finance Bank underscore its dedication to driving business growth and socioeconomic development in Uganda. By fostering dialogue and partnerships within the VAF ecosystem, the bank aims to create lasting impacts on the country’s economic landscape.

As Uganda continues on its trajectory of growth and development, initiatives such as these play a pivotal role in enhancing access to financial services and promoting sustainable business practices, ultimately contributing to a more prosperous future for all stakeholders involved.

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