UGANDA: HOUSING FINANCE BANK TO CONSTRUCT GULU CITY ESTATES-MANAGER

 

Participant’s query: Housing Finance Bank, why can your bank not invest in constructing

estates in Gulu City? What is your role as one of the affiliated to Bank of Uganda to construct?

housing in Gulu City, and yet you talk about giving loans for housing construction at an interest

rate of 19 per cent?

GULU CITY-MONDAY OCTOBER 12, 2026

By Okumu Livingstone Langol, (Uganda Correspondent)

The Branch Manager, Vicky Ayimaru, Housing Finance Bank, Gulu Branch, last week on

Friday, 9, October, while delivering her address on behalf of Housing Finance Bank, indicated

that Housing Finance, as a Bank we share and reaches the local leaders as part of social

responsibility.

She spoke candidly while introducing Michael Mugabi, Managing Director, Housing Fiancé

Bank, who intern reiterates, as Housing Finance Bank, we collaborate together; our collaboration

did not stop at providing loans but also financial literacy.

“We are hosting Bank of Financial, Bank we do agriculture, the traditional domain. There are

Banks that get money from us; we give 10% interest loans to business partners.

The MD, Michael Mugabe, added, in education we work together; when it comes to Housing, we

can provide Moorgate Loans mortgaged for housing construction.

“If you want to provide water for the community, you will get it. If you want to build the house,

we will construct the house for you. Please come to Local Council 1, you are very key in our

Finance”

The Principal Commercial Officer of Gulu City Council is Nixon Komakech Atemo, who made

a debut while presenting the status of Gulu City revenue contribution and argued that the trade

order that caused and destroyed all lock-up shops in container, they do it to create spaces in

places like Olayo-long market, Cere0leno Market and tradition center in Gulu City.

“Even if we have the problems with trade order, it has given the opportunity to businessmen; the

same kind of petty businesses have moved to Gulu City outskirts. Now go to Laliya Trading

Centre, Go-down and Aywee Trading Centre; those containers have got their position.”

The Principal Commercial Officer reiterates that we need to diversify businesses, not only

grocery; go for the business that needs brain. We have learned from the Lord Mayor Emeritus

Alfred Okwonga; he told me he went into the business of education.

Challenging participants who turned up for the Housing Finance Bank lecture: how many of you

have primary school, secondary school and a medical institution like the Emeritus Alfred

Okwonga Gulu City Mayo,

Housing Finance Bank Manager Vicky Ayimaru stepped in and gave an example: we are the

ones who financed Gulu Nursing Institution, Emeritus Gulu City Mayor Alfred Okwonga.

“Look at the construction; as we talk now, there is high demand for construction. The

government has bought Iron sheets. If we don’t position ourselves well, we still keep on crying;

 

you have listened to the testimony from the former Mayor Okwonga,” the Branch Gulu Housing

Finance reiterated.

Nixon Komakech Atemo, Gulu City Commercial Officer, argued, let us look at the Hospitality

industry; we have 236 guest houses in Gulu City.

“I am very grateful that those who are in the Hotel, whether it comes rain or sunshine, people

will eat.”

Nixon Komakech implored, look at the Boda boda: the registered boda boda is 9,000; those boda

boda that have been registered, whether come rain or sunshine, the transport will still be there in

Gulu City.

Look at the Agro-Processing Industry: why not process the maize flour from here in Gulu City,

instead of transporting it in bulk to Kamala City and it comes back here very expensive. But you

see the trucks coming in daily and going back; the substance they are taking goods to different

regions.

When you visit Cere-leno market, Olayo-long market, you see the Honeybees in business, from

the local communities here in Gulu City. What do we expect?

Housing Finance Bank: Nixon Komakech challenges the MD of Housing Finance Bank; you told

us to build more houses. Goyo Gwok ki neno ki ikom lapaco, literacy, the theory that every good

or bad begins with the master. How many houses are built by the Housing Finance Bank? We

need estate apartments.

The Bank of Uganda is providing loans for construction at reduced interest rates; Housing

Finance Bank can give us loans to access the government of Uganda is rebuilding the former

Post Office Countrywide. However, the Post Office servicing Centre building does not meet the

current city status. Why?

The former Post Office Building still remains the same, and yet over UGX 15 billion is spent on

the construction. Why did the government reconsider put ten story building? Come and get free

space.

There are millions of questions to be asked: can we access the loan, can we build the estates, can

we access grants to build the National Theatre in Gulu City, can we get a grant to build a

museum in Gulu City, can we get grant funds to construct Gulu International Airport as the

goalpost is being shifted to a neighboring region,

Kidepo Airport ‘s groundbreaking took place three weeks ago; Muni University in West Nile, the

groundbreaking took place three weeks ago.

Acholi Sub Region have elected and voted for NRM 84 per cent, but they have elected sycophant

politicians.

Michael Mugabe, the MD of Housing Finance Bank, in his responses, answered that there is

cheap money for the government: loans; the government tells people we are giving loans. The

loan: when you get UGX 10 million, when you pay the loan for the first time, your money, your

interest rate reduced to UGX 9 million; the second time you pay the loan, your balance reduced

to UGX 8 million; and when you pay the loan for the third time you balance reduced to UGX

5million.But other banks will charge UGX 1 million in interest rates.

 

The MD of Housing Finance Bank revealed that during COVID-19, we had the money; we did

not charge those who had borrowed money from us during COVID-19. However, NSSF owned

50% in Housing Finance Bank; the Government of Uganda owned 49% in Housing Finance

Bank through the Ministry of Finance and Economic Development.

The third owner of Housing Finance Bank is National Housing 0-8%. We, Housing Finance

Bank, have 21 branches in the country, including Gulu City Housing Finance Bank. We have

mobile banking, ATM and Housing Finance Bank started in 1967.

We started with housing construction in 2007; we went into commercial, and now we started

financing someone’s

business financing to give businessmen who want to invest in goods to

import from outside the Country.  In 2007, the government gave Housing finance lancet to start

operate Bank

Utility

In the past, the Housing Finance Bank in Uganda did not typically act as a direct real estate

developer itself; instead, it partners with certified estate developers, municipal projects, and

innovative housing firms to provide mortgage financing and purchase facilities.

Key estate projects and developer partnerships associated with Housing Finance Bank include:

Pear Martina Estate: Located along the shores of Lake Victoria near Entebbe, the bank signed a

strategic partnership and hosted open-house events to offer tailored waterfront residential

mortgage solutions.

Easy Housing: Partnered with the bank to launch eco-friendly, sustainable timber and modular

housing initiatives in Uganda (with complete homes delivered in about four months and up to

80%–100% financing options).

Comfort Homes: An early memorandum of understanding signed to construct and finance low-

cost housing units for buyers via mortgage schemes.

Bulwadda Low-Cost Housing Project: A government-supported gated community initiative

offering bungalow-style houses (starting from initial phases around UGX 97 million up to UGX

149 million) backed by