Soroti, Uganda: Housing Finance Bank has expanded its footprint to eastern Uganda with the opening of a new branch in Soroti District, a move aimed at deepening financial inclusion and bringing modern banking services closer to the people of Teso.
The new branch, launched on Tuesday, November 25, will offer a full suite of services, including savings and current accounts, business and personal loans, mortgages, investment products, financial advisory and digital banking platforms for seamless online transactions.
Vice President Jessica Alupo, who officiated at the opening, said the establishment of the branch demonstrates the government’s commitment to taking services closer to communities and supporting broader participation in the money economy.
“This is a strategic intervention that will significantly enhance the accessibility of financial services in Teso Sub-Region,” Alupo said. She urged residents to take advantage of the bank’s products to improve their livelihoods and expand household incomes.
Banking as a Driver of Growth
Alupo emphasised the central role of the financial sector in national development, noting that globally, finance contributes over 30 percent to GDP. She applauded Ugandan banks for driving financial inclusion, stability and economic hope.
“Banks help citizens dream responsibly and build sustainably. They are not just lenders — they are enablers of dignity,” she said.
The Vice President highlighted agriculture as the backbone of Teso, with citrus, grain, livestock, fisheries and poultry forming the economic base. She said Soroti is fast emerging as a strategic agro-industrial hub due to improved infrastructure and growing private investment.
“This branch is an economic rebalancing tool. It brings services closer, reduces exclusion and amplifies regional momentum,” Alupo said, adding that Uganda needs long-term thinking institutions that serve both urban and rural communities.
She encouraged Housing Finance Bank to keep innovating and investing in communities, and expressed hope for a future branch in the rural district of Katakwi. “I encourage you to continue investing in our communities, because growth is most impactful when it is shared,” she said.
“As local government, we remain committed to supporting you all with national programs such as the Parish Development Model and Emyooga programmes that, through partner banks like Housing Finance Bank, you can all access.”
Bank Reaffirms Commitment
Housing Finance Bank Managing Director Michael Mugabi said the Soroti branch reflects the bank’s mission of empowering communities through efficient, innovative and customer-focused services.
“We are here to empower individuals, strengthen businesses and support the community with solutions that respond to their needs,” Mugabi said. “Expanding into key regions helps us combine efficiency with accessibility and long-term social impact.”
He further highlighted that the Bank’s work aligns with Uganda Vision 2040 and the National Development Plan IV, contributing to inclusive growth, industrialisation, and sustainable communities. In 2024 alone, the Bank supported 65 green SMEs, financed over 1,400 women- and youth-led businesses, and reached 3.5 million Ugandans through our digital platforms.
“Soroti, this branch is here to serve you. Bring your ideas, ambitions, and dreams. We are ready to turn them into real progress,” he remarked.
The Bank’s Head of Distribution and Alternate Channels, Ivan Kituuka, shared: “At the heart of our solutions for this market is Zimba Mpola Mpola, a flexible, step-by-step approach to home ownership.”
We believe it empowers individuals, landlords, diaspora families, and developers to build gradually, manage projects sustainably, and secure long-term property investments. By doing so, it fuels housing growth, supports local contractors, creates jobs, and strengthens communities.”
With the launch, the bank now operates 22 branches nationwide, reinforcing its commitment to financial inclusion and economic transformation.
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