Housing Finance Bank Joins FITSPA In Bid to Foster Innovation and Collaboration in Financial Services Sector
Micheal Mugabi, Managing Director - Housing Finance Bank
In a pivotal step towards fostering innovation and collaboration within Uganda’s financial services sector, Housing Finance Bank proudly announces its membership to the Financial Technologies Services Providers’ Association (FITSPA), an independent, nonprofit organisation representing Uganda’s local fintech community and global fintech institutions operating in the country.
This strategic move positions Housing Finance Bank to engage with over 200 industry members, embarking on a journey to co-create cutting-edge solutions that leverage technology to deepen access to banking services at a time when over 80% of customer transactions with the bank are occurring through mobile and online banking platforms.
Additionally, Housing Finance Bank’s decision to join FITSPA comes at a time when financial technology continues to rapidly shape the development and delivery of financial solutions on the back of advancements in mobile and internet penetration that have increased the adoption of digital payments and online financial services while enhancing business efficiency and effectiveness.
Micheal Mugabi, Managing Director at Housing Finance Bank, expressed the motivation behind this decision, stating, “As Housing Finance Bank, our decision to join FITSPA signifies a commitment to embracing a future where innovation, collaboration, and cutting-edge technology converge to redefine the landscape of financial services that we operate in. This membership provides a collaborative platform to incubate, refine, and implement technologies that exceed our valued customers’ expectations and lead them closer to sustainable home ownership and financial independence.”
FITSPA’s collaborative ecosystem now becomes a dynamic playground for Housing Finance Bank to explore, refine, and implement technologies that align with its mandate as well as that of the Government of Uganda through catalysing the development of Uganda’s financial services industry that accelerates inclusive socio-economic growth towards attaining the desired middle-income status.
This move places Housing Finance Bank at the forefront of the fintech revolution in Uganda, paving the way for a future where technological innovation and collaborative spirit redefine the banking experience for customers in line with its strategic goal of enhancing customer satisfaction to 90% by 2027.
Housing Finance Bank focuses on making banking easy and enabling customers to be in control of their financial and banking needs. First incorporated as a private limited company in 1967 as Housing Finance Company Uganda Limited, carrying out business as a non-banking credit institution, providing mortgage finance and accepting savings deposits from the public. Subsequently, the Bank became licensed and regulated by the Bank of Uganda as a Commercial Bank in 2007 to carry on the business of banking under the Financial Institutions Act and changed into a public limited liability company known as Housing Finance Bank Limited.
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