Housing Finance Boss Lands Powerful Bankers Association Chairman Role

Housing Finance Bank Managing Director Michael Karokora Mugabi has landed one of the most powerful jobs in Uganda’s financial sector after being appointed Chairperson of the Uganda Bankers Association (UBA).

The soft-spoken corporate lawyer now finds himself at the centre of Uganda’s rapidly changing banking industry, where digital banking, financial inclusion and stiff competition are reshaping the game.

Karokora, who heads Housing Finance Bank — a financial institution jointly owned by the National Social Security Fund (NSSF) and the Ministry of Finance — said he was “delighted” by the appointment and ready to work with stakeholders to push collaboration and innovation in the sector.

“The opportunity comes at a defining moment for the industry, and I am committed to contributing to its continued growth and transformation,” he said shortly after the appointment.

Industry players say the new UBA boss faces mounting pressure to guide banks through changing customer demands, increased technology use and the push to bring more Ugandans into the formal banking system.

Karokora’s rise is being viewed as another major milestone for Housing Finance Bank, which has in recent years expanded its footprint beyond mortgage banking into mainstream commercial banking.