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Bank of Africa Uganda to venture into mortgages

Monday June 27, 2011

Bank of Africa (BOA) is to venture into low cost mortgage financing to consolidate its presence in Uganda and the East Africa, it said on Friday.

The group commands a 3% market share in Uganda, but recorded a euro 3.2b turnover in 2010 from its operations in 14 African countries.

“We will develop the housing sector by funding sellers and buyers.

“The demand is there and the bank is committed to funding this area,” Mohamed Bennani, told the press in Kampala.

He said Uganda was a strategic gateway for the group to tap into the vast East African market.

“We are looking at strategies to harness potential benefits of the growing population,” Bennani noted.

Edigold Monday, the BOA Uganda boss, said the strategic alliances with other banks and personalised banking services would boost their market share ahead of a Central Bank Rate announced late last week.

“We and other banks will meet with the Bank of Uganda to understand how the new inflation targeting mechanism will work.

“It is a recent development whose results shall be reflected in the long-run,” she explained.

By Samuel Sanya: The New Vision Newspaper

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