In a strategic move poised to reshape the housing landscape, Vision Group and Housing Finance Bank announced a groundbreaking partnership aimed at revolutionizing home financing and development. It is further aimed at promoting the bank’s financing solutions like affordable mortgages, expanding housing access, and advocating for supportive policies. The collaboration announced on Thursday 15th August 2024, promises to enhance accessibility of information on affordable housing and streamline financial solutions for prospective homeowners across Uganda.
This partnership seeks to combine 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 leveraging the partners respective strengths, the two entities aim to provide a wide range of innovative financial products and services designed to simplify the home buying process and support housing projects throughout Uganda.
During the official signing of the Memorandum of Understanding, Don Wanyama, CEO of Vision Group, emphasized the need for concerted efforts to develop the housing sector. “The significant shortage of decent housing in our country calls for urgent action because Housing is a basic need.” He went on to deliberate that with the fast-growing population, the existing housing deficit of 2.4 million housing units, and the fast-growing Ugandan economy, the housing sector has enormous economic opportunities that need to be harnessed by all industry players for a better Uganda.
“Our focus on affordable housing and sustainable development remains a top priority, and this MOU with Vision Group is a crucial step in enhancing our impact and addressing key aspects of the housing sector,” said Mr. Michael Mugabi, the Housing Finance MD. “We affirm the importance of the media in reaching diverse demographics. Given Uganda’s rapid urbanization, it is vital to connect with a broad audience, including those who have been traditionally underserved.”
Mr. Mugabi commended New Vision for its role in facilitating this outreach and expressed optimism about the collaboration’s potential.
With the housing sector facing increasing pressure to accommodate a growing population, this partnership represents a timely and strategic initiative. Vision Group’s media influence and Housing Finance Bank’s financial expertise are set to play a crucial role in addressing these challenges and driving positive change in the housing market.
“I am excited about the opportunities in the partnership Housing Finance Bank and Vision Group have signed. 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 meaningful impact.” said Peace Ayebazibwe the Housing Finance Bank ED.
Housing Finance Bank has ongoing initiatives to secure additional resources to better serve its clients. We are also forging partnerships with government and other key stakeholders to accord cheap credit to Ugandans to enhance affordable financing. This proactive approach underscores the bank’s commitment to providing accessible financial solutions, particularly in the housing sector through products like Zimba Mpola Mpola incremental loans which are tailored to enable the low-income earners achieve their dreams of owning a home. Ayebazibwe concluded.
With a 57-year history in the mortgage sector, Housing Finance Bank has financed 10,000 homes in the past 5 years. This has established the Bank as a trusted partner in the mortgage acquisition journey. With this history, it has become a leading mortgage lender and a fully-fledged commercial bank.
