Housing Finance Bank Pays SH214.8B In Taxes

Q &A with Micheal Mugabi, Managing Director of Housing Finance Bank, on the noble role the bank is playing in the economy.

As one of the leading and profitable banks in the country, Housing Finance Bank (HFB) is one of the entities that plays a central role in developing Uganda’s economy.

Question: What does the recognition of being a top taxpayer mean to Housing Finance Bank? 

Answer:Housing Finance Bank’s recognition as a top taXpayer in Uganda carries significant meaning, both for the bank and for its broader mission of supporting national growth. For a bank with a tax paying record of over 57 years, this recognition not only affirms our role as a leader in the financial sector, but showcases our commitment to national prosperity and highlights our dedication to responsible corporate citizenship. As a government-owned entity, this recognition is a win towards the attainment of Uganda’s development goals, as these taxes collected will empower the Government to fund critical services in healthcare, education, transportation and public safety, aU of which are 05SeIlliaJ to the well being of Ugandans. By fulfilling the tax. obligations, Housing finance Bank helps ensure that Uganda has the resources to build a strong and resilient economy, which benefits individuals and businesses alike. This recognition thus reflects the bank’s dedication not only to shareholders and customers, but to all Ugandans as a whole.

As an institution that is built on selling trust, Housing Finance Bank’s acknowledgment as a top taxpayer will play a great role towards enhancing our credibility and trustworthiness. This distinction reassures our customers, partners and investors of the bank’s stability and reliability, reinforcing our reputation as a trustworthy institution in Uganda’s banking landscape.

Question: What drives Housing Finance Bank’s vision and mission?

Answer: At Housing Finance Bank, our vision and mission are all about creating lasting value for our customers, employees and the wider community. Our vision, Financing a sustainable future for all, embodies our dedication 10 positively shaping our customers’ financial journeys and supporting Uganda’s growth. We are here to provide dependable, sustainable financial solutions that adapt to the diverse needs of the people we serve. Our customer-first approach drives us to use innovation. digital tools and partnerships to make financiaI access easier and more meaningful.

Whether helping Ugandans achieve home ownership or contributing to housing development. we priomi.se financial inclUSIon, responsible lending and community support.

Question: What Is HFB’s contribution to the Ugandan economy?

Answer:  Housing Finance Bank makes a substantial contribution to Uganda’s economy through multiple channels. including financing for affordable housing, supporting small and medium enterprises (SMEs), expanding financial inclusion and generating employment.

Affordable Housing Finance: Housing Finance Bank plays a crucial role in making home ownership accessible for all Ugandans. With tailor made solutions like the Incremental Housing loans (Zimba Mpola Mpola) with interest rates as low as 19%, housing products with flexible terms, the bank enables more Ugandans to build homes, which will significantly reduce the housing deficit that currently stands at 2.4 million units.

Empowerment of Women entrepreneurs: Through initiatives like the HFB Women’s Loan, Housing Finance Bank invests in women-led businesses, enabling them to access finance and scale their operations. This support fosters economic empowerment, particularly in sectors where women are underrepresented, and promotes broader economic development.

SME support: With funding from the European Investment Bank to a tune of 100m Euros, Housing Finance Bank provides tailored financial products and services for SMEs, recognising them as vital contributors to Uganda’s economy.

In sum, Housing Finance Bank’s contributions to Uganda’s economy go beyond traditional banking services. Through Its focus on affordable housing, SME growth, financial inclusion, job creation, tax revenue and economic empowerment, the bank actively supports Uganda’s vision of inclusive and sustainable economic development.