KKAMPALA – In a groundbreaking move, Housing Finance Bank and Vision Group have announced a strategic partnership aimed at transforming the housing landscape in Uganda. The collaboration seeks to promote affordable housing, expand access to financing, and advocate for supportive policies.
The partnership, announced on August 15, 2024, brings together Vision Group’s extensive media reach and expertise with Housing Finance Bank’s financial prowess to create a comprehensive platform for housing development and financing. By combining their strengths, the two entities aim to provide innovative financial products and services that simplify the home buying process and support housing projects across Uganda.
During the signing of the Memorandum of Understanding, Don Wanyama, CEO of Vision Group, emphasized the need for collective efforts to develop the housing sector. “Uganda’s significant housing shortage requires urgent attention, as housing is a basic need.”
He highlighted the enormous economic opportunities in the sector, citing the existing housing deficit of 2.4 million units and the country’s fast-growing economy.
Michael Mugabi, MD of Housing Finance Bank, stated, “Our focus on affordable housing and sustainable development remains a top priority. This partnership with Vision Group is crucial in enhancing our impact and addressing key aspects of the housing sector.”
He commended Vision Group’s role in facilitating outreach to diverse demographics, particularly in Uganda’s rapidly urbanizing environment.
Peace Ayebazibwe, ED of Housing Finance Bank, expressed excitement about the partnership’s potential, saying, “I am confident it will pave a unique path where we will establish specific measures to track our progress and ensure our joint efforts have a meaningful impact.”
Housing Finance Bank has a 57-year history in the mortgage sector, having financed 10,000 homes in the past five years. The bank has established itself as a trusted partner in the mortgage acquisition journey and a leading mortgage lender and fully-fledged commercial bank. With ongoing initiatives to secure additional resources and partnerships with government and stakeholders, Housing Finance Bank reaffirms its commitment to providing accessible financial solutions, particularly in the housing sector.
This strategic partnership represents a timely initiative to address the housing sector’s challenges and drive positive change in the market.
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