The Minister of Finance, Planning and Economic Development, Henry Musasizi, has challenged Housing Finance Bank to strengthen its efforts to provide affordable credit to Ugandans, particularly in the housing and enterprise sectors, as the country pursues its economic transformation agenda.
Housing Finance Bank is Uganda’s premier mortgage lender institution is 50% owned by the National Social Security Fund, 49.18% by the Ugandan Government, and 0.82% by the National Housing and Construction Company Housing Finance Bank.
Musasizi made the remarks during a meeting with the bank’s management, led by Managing Director and Chief Executive Officer Michael Mugabi, where he commended the institution for its consistent growth and significant contribution to Uganda’s mortgage industry.
The meeting was also attended by the Minister of State for Planning, Amos Lugoloobi, and the Minister of State for Privatization and Investment, Aminah Mukalazi.
While congratulating the bank on its strong performance over the years, Musasizi urged its leadership to align investments with the government’s tenfold growth strategy by prioritising financing for productive sectors and expanding access to affordable housing.
“Congratulations on being the leader in Uganda’s mortgage industry,” Musasizi said, while urging the bank to ensure that more Ugandans can access credit at affordable interest rates.
He noted that affordable financing is essential for driving economic growth, enabling citizens to acquire decent housing, expand businesses, create jobs, and build wealth.
The discussions between government officials and the bank’s leadership focused on mobilising additional capital, lowering lending rates, promoting joint ventures, and strengthening affordable mortgage financing across the country.
Speaking during the meeting, Mugabi reaffirmed Housing Finance Bank’s commitment to supporting government priorities through sustainable housing solutions, enterprise financing, and expanding financial inclusion for underserved communities.
“Government-owned Housing Finance Bank, with sustainability standards certification, is a catalyst for the tenfold growth of the economy,” Mugabi said.
He added that the bank is strategically positioned to finance the government’s priority sectors under the Agriculture, Tourism, Manufacturing and Services (ATMS) programme, which is central to Uganda’s economic growth strategy
However, Mugabi appealed to government to recapitalise the bank, saying additional capital would enable it to offer low-cost housing loans, including single-digit interest rate mortgages targeted at low- and middle-income earners.
He revealed that the bank aims to facilitate the construction and acquisition of 300,000 homes while contributing to the creation of approximately 60,000 jobs across the economy.
Housing Finance Bank, which has been in operation for about 58 years, remains Uganda’s largest mortgage lender, commanding an estimated 45 percent share of the country’s mortgage market. By 2025, the bank’s total assets had grown to Shs2.7 trillion, underscoring its expanding role in Uganda’s financial sector.
Government officials reiterated that expanding access to affordable credit and housing finance will be critical to accelerating inclusive economic growth, increasing home ownership, and improving the livelihoods of Ugandans.
