Ugandans and foreigners can conveniently save in dollars under Housing Finance Bank’s new campaign dubbed “Bank Like A Boss”.
The bank launched the campaign on Wednesday 7th September 2022 to enable its customers enjoy the benefits of saving in dollars.
Saving in dollars protects customers especially those in the business sector from the risks associated with an unstable local currency.
The campaign comes at a time when the country is facing inflation and saving is getting harder with the continuous rise in commodity prices.
Micheal Mugabi, the Managing Director at Housing Finance Bank, says the bank’s USD account offering features benefits like free deposits, no account management fees, attractive interest rates, and access to card and online banking among others, which enable customers to carry out transactions without the feeling pinch of fluctuating exchange rates.
He adds that through the USD account offering, “the bank also aims to support expatriates and individuals working abroad while living locally by providing a medium through which they can enjoy low-cost salary processing, free insurance benefits, and a wide product range including a children’s account.”
The recently published findings of the Bank of Uganda Financial Capability Survey shows that 74.2% of the adults understand what saving is and that 57.6% of the adults had saved in the last 12 months and the highest proportion of savers are in the age bracket of 25 – 54 years and 43.9% of them save for consumption.
The survey also found that the most preferred saving mechanism is Village Savings and Loan Associations (VSLAs) at 43.9% and savings boxes at 42.3%, which for sure are not safe havens for anyone’s savings.
