Housing Finance Bank Launches Investors Club App

Housing Finance Bank has launched the Investor Club App, a digital means through which Saccos, Village Savings Groups, Investment Clubs and others can transact.

According to Michael Mugabi, the Managing Director, the app provides an integrated platform featuring automated audits, risk management tools and collaborative communication channels, to ensure accountability and transparency.

“This app is fortified with state of the art encryption protocols, to safeguard confidentiality and security of the member’s data. We have gone beyond the conventional tools,” says Mugabi.

InvestaApp, is a solution that enables savings and lending groups to manage their financial operations and records digitally.

Peace Ayebazibwe Kabunga the Executive Director at Housing Finance Bank says that in as much as savings are critical to the economy, how they are managed is important too.

“People want to grow, save and invest but there remains a challenge of accountability, transparency where members save but cannot see where they are saving. So as we drive financial inclusion this app will make it easy for the members to use because they are able to monitor their transactions on the go”

There are over 50,000 registered Savings and credit Cooperative Societies (SACCO)  in the country with a portfolio of over 18 million Ugandans. These the bank hopes to reach with the platform.

Speaking as Chief Guest, Ivan Asiimwe, the Uganda Cooperative Boss Alliance, says the move is in line with the Sustainable Development Goals (SDGs) to end poverty and a good initiative to reach small holder persons, who are the majority in cooperatives.

“It is very clear that we are looking at ending hunger, poverty, and ensuring quality education downstream”,Asiimwe remarks adding, “ we had members who could travel for 10kms taking little money to deposit and in the end encroach on the savings, so this app will encourage saving”.

Angela Ndawula, the head of Business and Institutional Banking explains that members of a Sacco can be able to observe and track their transactions including deposits, savings or withdrawals.