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Uganda’s Best Performing Parastatals: The Case of Housing Finance Bank Michael K. Mugabi is a corporate and commercial lawyer and corporate governance expert by training and a banker by practice. He is the Managing Director of Housing Finance Bank, a role he assumed in November 2018. During the last 5 years of his leadership, Michael has led the bank through its fastest growth, in its 56-year history. For example, during this time, the bank’s assets have more than doubled, ushering the bank into the top 10 banks’ fold. The only other bank, (amongst the top 10) to more than double its assets in this period, is Equity Bank. Housing Finance Bank’s customer deposits too have grown by 2.5 times (148%) and profitability, by 2.8 times (180%). The bank is now Uganda’s 5th most profitable bank. Housing Finance Bank which is 50% owned by the National Social Security Fund (NSSF) and 49% by the government of Uganda, has also been rated amongst the top -performing government-owned businesses. CEO East Africa’s Executive Editor, Muhereza Kyamutetera sat down with Mr. Mugabi for an interview to get some insights into the bank’s growth and how it is delivering on its intended purpose of delivering affordable hosting finance to the people of Uganda.
Michael K. Mugabi, Managing Director, Housing Finance Bank