Housing Finance Bank, one of Uganda’s top ten lenders and the biggest mortgage lender with over 50% market share, has started rolling out a credit restructuring exercise to its customers, on a case by case basis.
The bank has asked customers who anticipate some challenges in servicing their credit obligations with the bank to reach out to the bank.
In a public customer notice, Mr. Michael Mugabi, the bank’s Managing Director, said that, in the wake of the COVID-19 pandemic, Housing Finance Bank will stand with its customers by extending “our resources towards finding mutual solutions that will minimize the potential impact of coronavirus on our community of customers.”
“Therefore in light of recent guidance from Bank of Uganda, Housing Finance Bank shall reach out to our business and self-employed customers proactively through our relationship management teams to discuss how you may have been directly impacted by the coronavirus and available solutions on a case-by-case basis,” Mr. Mugabi, said in the statement.
On how long the moratoriums will be, he said: “The moratorium and or restructuring granted by HFB will be for any period within the wider 12 months stipulated by BOU. The specific period shall be determined based on the individual circumstances and needs of the borrower. Our assessment of those needs shall be on a case-by-case basis,” he said.
He also said that the bank’s relationship managers were also working with various employers to agree on applicable assistance programmes for salaried borrowers.
“We welcome all our customers who anticipate difficulties as a result of this global pandemic to approach us through our Branch Managers and Relationship Managers for discussion on possible restructures of existing loans,” he said adding that the bank was also open to new lending proposals.
“In the same breath, those that have identified potential business opportunities during this time are welcome to approach us for financing,” he said.
He also urged the bank’s customers to continue practicing safe banking by utilising the bank’s numerous digital platforms such as HFB Mobile Banking, HFB MasterCard, Internet Banking as well as their ATMs and agent banking locations countrywide, to transact with the bank.
“In the event that you wish to reach out to us for support directly, please call our contact centre on 0417803000 or email us at info@housingfinancebank.co.ug,” said Mr. Mugabi.
Housing Finance Bank has also waived a number of transaction fees on a number of their digital channels to enable convenient contactless and safe banking. For example, the bank is offering free ATM withdrawals of up to UGX50,000 per day, free bank to mobile wallet transfers, free utility payments using HFB Mobile and online services, free internal transfers to any HFB Account using HFB Mobile and other HFB online services.
Source: ceo.co
