Housing Finance Bank has emerged as a standout performer at the prestigious World Economic Magazine Awards 2024, clinching two highly coveted awards: Best Mortgage Loan Bank Uganda 2024 and Best Customer Service Bank Uganda 2024.
In a press release, the bank celebrated the win, attributing the success to the loyalty and support of its customers.
The bank also took to its social media platform, X (formerly Twitter), to express gratitude: “Housing Finance Bank has been named the Best Customer Service Bank Uganda 2024 and Best Mortgage Loan Bank Uganda 2024 at the World Economic Magazine Awards 2024. This achievement is dedicated to you, our customers, for making this possible by trusting and supporting your indigenous bank through the years.”
The World Economic Magazine Inc. Awards recognize industry disruptors in the global financial marketplace, honoring exceptional B2B and B2C businesses and individuals who have excelled in delivering value and driving client satisfaction. Honorees are selected based solely on merit, underscoring the significance of Housing Finance Bank’s achievements in a highly competitive industry.
The Bank’s commitment to customer satisfaction has long been a core pillar of its success. In 2023, the bank achieved a remarkable complaint resolution rate of 99%, with customer satisfaction improving from 79% in 2022 to 83% in 2023. These metrics reflect the bank’s unwavering focus on enhancing the customer experience through continuous innovation.
One of the key drivers behind this recognition is the bank’s robust customer support system, including a 24/7 call center, responsive social media platforms, and a dedicated WhatsApp service. The accolade for Best Customer Service Bank Uganda 2024 affirms the bank’s investment in customer relations and its ability to anticipate and meet clients’ needs.
With over 57 years of experience in mortgage provision, Housing Finance Bank has solidified its status as Uganda’s leading mortgage lender. The bank’s commitment to addressing Uganda’s housing needs aligns with the country’s National Development Plan III, which prioritizes housing as a key driver for increasing household income and fostering socio-economic transformation.
In recognition of these efforts, Housing Finance Bank was named Best Mortgage Loan Bank Uganda 2024. The award is a testament to the bank’s dedication to expanding access to housing finance in a country facing a critical housing deficit.
Speaking on the bank’s mortgage portfolio, Michael K. Mugabi, Managing Director of Housing Finance Bank, noted, “As of December 2023, we had a total loan portfolio amounting to Shs414.192 billion, disbursed to over 1,712 homes, bringing the total number of loans to 10,000 homes over the last 5 years. Our goal is to ensure a sustainable future for all.”
Mugabi further emphasized that the bank is positioning itself for long-term success by introducing new products, including home loans with competitive benefits, incremental loans, and land loans.
Innovating to Meet Housing Needs
One of Housing Finance Bank’s most innovative products is the Zimba Mpola Mpola solution, which is tailored to meet the incremental building needs of many Ugandans. This product provides affordable financing options that align with the income levels of the average Ugandan, making home ownership more attainable.
The product has received significant customer interest due to its attractive features, including a three-day turnaround time, repayment periods of up to three years, affordable interest rates, and flexible borrowing amounts ranging from as low as Shs200,000 to Shs50 million.
Uganda’s rapid urbanization, with an annual rate of 5.2%, is driving an increasing demand for housing. The country currently faces a housing deficit of over 2.4 million units, which grows by 200,000 units annually. Housing Finance Bank has risen to the challenge by offering a broad range of home loan products designed to cater to various customer needs.
The bank’s home loan solutions are flexible, offering long repayment periods of up to 25 years and loan amounts of up to 80% of the property’s value. The repayment terms ensure that borrowers do not pay more than 35% of their gross income, with monthly installments structured on a reducing balance basis at competitive interest rates.
Mugabi emphasized the importance of participating in platforms like the World Economic Magazine Awards, noting, “Participating in the World Economic Magazine Awards is an excellent way to showcase our accomplishments over the past year and demonstrate our commitment to promoting business excellence.”
Housing Finance Bank’s accolades at the World Economic Magazine Awards 2024 underscore its leadership in both mortgage provision and customer service. Through its innovative products, customer-centric approach, and unwavering commitment to meeting Uganda’s housing needs, the bank continues to play a pivotal role in shaping the country’s financial and real estate landscape.
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