By Namugula Jane
Housing Finance Bank officially launched its online Government Securities Portal on 27th September with a campaign named ”Invest on The Go” at the Mestil Hotel, Kampala. The online portal, which can be accessed on the Bank’s website allows customers to buy government Treasury Bills and Bonds from anywhere, at any time. These transactions can be carried out from anywhere for as long as you have internet connection.
Housing Finance Bank was appointed a primary dealer in 2020 and are obligated to ensure investors and market customers have easy access to these products. In order to buy treasury bills and bonds, one needs a central securities depository (CSD) account, therefore with the portal you can open a CSD account within an hour having reduced the turnaround time from 4 hours to 1 hour. Noted Robert Nyehagane the banks head of treasury.
He also added that Customers can now invest in Treasury Bills and Bonds, from as low as Shs 100,000, in the comfort of their homes or offices, without having to go to the banking hall.
This is among the bank’s latest innovations, aimed at extending and easing access to financial services for all Ugandans, regardless of where they are located
Dr. Charles Abuka, the Executive Director, Operations at Bank of Uganda, said that the Central Bank is interested in financial markets because of a very simple reason. The only sure way to alieviate poverty is for a country to widen and deepen its financial markets. ‘’We thank Housing Finance Bank for dedicating resources to this cause. In the current environment, we have increased the digitalization of financial products .It’s necessary for banks to adopt such technologies to bring their services to their customers’’ , he stated .
“This new online portal by Housing Finance Bank will further contribute to this market development by easing registration – which we want to see, easing bidding and trading processes for banks, clients, and government securities, as well as moving away from the old system of manual forms and submitting them to the bank,” Abuka added.
Michael K. Mugabi, the Managing Director at Housing Finance Bank said, “Customers will be able to interact with the Bank at their own convenience through the portal to purchase Treasury Bills and Bonds from the anywhere they are, without any paperwork or having to make a go to the bank.”
He added, “what you just witnessed here is basically a situation where we empower you. That is what banking is coming to. A customer who is empowered in terms of knowledge, information, financial opportunities and prospects.”
The Executive Director and Chief Business Officer at Housing Finance Bank, Peace Kabunga Ayebazibwe, said “You can transact and invest from the comfort of your home. As long as you have internet, you can invest for yourself and your family. Be it at your farm, or in the diaspora, there is no need to come to Uganda to buy government securities.”
The Head of Treasury Sales Team Nadia Mindra said “Treasury Bills and Bonds are very low risk, predictable, have no value loss, and are good for individuals looking to make long-term savings. They are also a good way for one to diversify their investments and generate a steady stream of income through periodic interest payments.”
Housing Finance Bank is one of the 10 largest banks in Uganda and the leader in the Mortgage Banking business, with deep local expertise spanning over 54 years.