Housing Finance Bank has announced its recent inclusion in the Financial Technologies Services Providers’ Association (FITSPA). This strategic move marks a significant milestone in promoting innovation and collaboration within Uganda’s financial services sector. FITSPA, as an independent nonprofit organization, serves as a representative body for both local fintech entities and global fintech institutions operating in Uganda.
By joining the Financial Technologies Services Providers’ Association (FITSPA), Housing Finance Bank strategically positions itself to collaborate with more than 200 industry members. This collaborative effort aims to co-create innovative solutions that harness technology to enhance access to banking services. This initiative comes at a crucial time when Housing Finance Bank observes that over 80% of customer transactions are taking place through mobile and online banking platforms.
Housing Finance Bank’s choice to become a member of FITSPA is particularly timely, aligning with the dynamic evolution of financial technology. The rapid progress in mobile and internet penetration has significantly influenced the development and delivery of financial solutions. This surge in connectivity has led to an increased adoption of digital payments and online financial services, contributing to greater business efficiency and effectiveness.
Michael Mugabi, Managing Director at Housing Finance Bank, expressed the motivation behind this decision, stating, “As Housing Finance Bank, our decision to join FITSPA signifies a commitment to embracing a future where innovation, collaboration, and cutting-edge technology converge to redefine the landscape of financial services that we operate in. This membership provides a collaborative platform to incubate, refine, and implement technologies that exceed our valued customers’ expectations and lead them closer to sustainable home ownership and financial independence.”
FITSPA’s collaborative ecosystem now becomes a dynamic playground for Housing Finance Bank to explore, refine, and implement technologies that align with its mandate as well as that of the Government of Uganda through catalyzing the development of Uganda’s financial services industry that accelerates inclusive socio-economic growth towards attaining the desired middle-income status.
Embracing FITSPA membership propels Housing Finance Bank to the forefront of Uganda’s fintech revolution. This strategic decision positions the bank as a key player in shaping a future where technological innovation and collaborative endeavors redefine the banking experience. By actively engaging in the fintech ecosystem, Housing Finance Bank is laying the groundwork for a customer-centric approach aligned with its strategic objective of achieving a 90% customer satisfaction rate by 2027.