Housing Finance Bank (HFB) has emerged as a standout winner at the World Economic Magazine Awards 2024, receiving two prestigious accolades.
The bank won Best Mortgage Loan Bank Uganda 2024 and Best Customer Service Bank Uganda 2024 accolade.
The World Economic Magazine Inc. Awards aim to highlight and acknowledge the spirit of industry disruptors across the global financial marketplace.
The awards honor the efficacy of both B2B and B2C businesses, as well as thought leaders who redefine their values to thrive in today's dynamic 'innovative economy.'
Honorees are chosen solely based on merit, recognising businesses, services, and individuals who excel and go above and beyond to ensure client satisfaction.
HFB has long demonstrated high levels of customer centricity through its operations, products, and services. In 2023, the complaint resolution rate reached an impressive 99%, while customer satisfaction improved from 79% in 2022 to 83% in 2023.
This success is attributed to the unparalleled support, including a round-the-clock call center that is always ready to assist customers at any hour, responsive social media channels, and a dedicated WhatsApp platform.
Accordingly, the accolade for Best Customer Service Bank Uganda 2024 is a testament to the bank's hard work and investment to continuously improve customer experience through innovation.
With 57 years of experience in mortgage provision, Housing Finance Bank has continually strengthened its position in the sector.
The bank recognizes housing as a crucial element of the National Development Plan III, which aims to enhance household income and employment for sustainable socio-economic transformation.
It is with this track record that the bank was honored as the Best Mortgage Loan Bank in Uganda for 2024.
In an interview, Michael K. Mugabi, Managing Director of Housing Finance Bank, stated, "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,"
He noted HFB is a future-proofing the bank for generations to come by spearheading several new initiatives, such as our home loans, which offer many competitive benefits, incremental loans, and land loans, among others.
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One of the bank's key innovations is the Zimba Mpola Mpola product, designed to meet the incremental building needs of many Ugandans.
This solution allows customers to access affordable financing that aligns with their income, making housing more accessible.
The response to Zimba Mpola Mpola has been very positive, with considerable customer interest because of of attractive features including the 3 days turnaround time, payable in up to 3 years, an affordable interest rate and customers can borrow as low as Shs 200,000 and as much as Shs 50M.
As Uganda stands at an urbanization rate of 5.2%, one of the highest in Africa, the demand for housing is increasing significantly.
This surge in demand is exacerbated by a substantial housing deficit, currently exceeding 2.4 million units and growing by 200,000 units annually.
"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," Mugabi concluded.
