Housing Finance Bank Spearheads Dialogue to Streamline Vehicle and Asset Acquisition in Uganda
In a bid to address the burgeoning demand for vehicles and equipment in Uganda’s evolving economic landscape, Housing Finance Bank recently orchestrated a pivotal dialogue among stakeholders aimed at easing access to vehicle and asset financing (VAF) solutions. This strategic move comes in the wake of the Bank of Uganda’s projection of economic growth ranging between 5.5% to 6.5% in the short-to-medium term, with key sectors such as agriculture, extractives, and infrastructure development driving this growth trajectory.
The collaborative effort, underscored by the imperative of synergies between financiers, asset vendors, and independent leasing firms, seeks to cater to the escalating demand for vehicles and equipment across diverse sectors of the economy. Housing Finance Bank convened a comprehensive VAF partners’ forum, drawing participation from a spectrum of industry 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.
The forum served as a platform for stakeholders to exchange insights, share best practices, and explore opportunities geared towards bolstering Uganda’s socioeconomic growth and prosperity. Led by a distinguished panel comprising Mr. Michael K. Mugabi, Managing Director; Ms. Peace K. Ayebazibwe, Executive Director; and Angela Ndawula, Head of Business and Institutional Banking, among other senior executives, the deliberations underscored Housing Finance Bank’s unwavering commitment to nurturing partnerships that drive enterprise growth and enhance customer satisfaction.
Ms. Ayebazibwe highlighted the bank’s multifaceted approach to financial solutions, extending beyond its renowned mortgage offerings to encompass VAF solutions tailored to meet the dynamic needs of businesses and individuals across various economic sectors. She emphasized the pivotal role played by asset vendors and insurers in the delivery of VAF solutions, affirming the bank’s dedication to enhancing collaboration to optimize uptake and value within the sector.
Echoing this sentiment, Mr. Mugabi emphasized the significance of partnerships in fostering mutual business prosperity and socioeconomic development. He underscored Uganda’s positive economic growth outlook as a catalyst for heightened demand across the vehicle and asset financing market, signaling vast opportunities for stakeholders.
Furthermore, Mr. Mugabi outlined the bank’s strategic focus on advancing its Environmental, Social, and Governance (ESG) agenda through partnerships within eco-friendly technologies, electric vehicles (EVs), and Hybrid Electric Vehicles (HEVs) sectors. This underscores Housing Finance Bank’s commitment to sustainable business practices and environmental stewardship.
Richard Elimu, Group Chief Executive at the Riel Group Africa, lauded Housing Finance Bank’s longstanding support to players in the asset financing sector, citing the bank’s pivotal role in facilitating access to financing for customers over the past decade. He called for continued engagement between suppliers and the bank to ensure a seamless process for customers seeking asset financing solutions.
Housing Finance Bank’s proactive approach to fostering dialogue and collaboration within the business community underscores its steadfast commitment to driving business growth and fostering socioeconomic development in Uganda. Through such initiatives, the bank seeks to catalyze transformative change and create lasting impact across the economic landscape.
