Kampala, Uganda, 18 th January, 2024 – Housing Finance Bank has taken a significant stride
towards financial innovation in Uganda with the unveiling of its Investa App, a digital solution
designed to streamline the day-to-day financial management of Investment Clubs, Savings and
Credit Cooperatives (SACCOs), Village Savings and Credit Associations (VSLAs) and other types
of savings groups. The App offers a real-time financial overview, simplifying contribution
tracking, group lending, collections, and providing robust reporting and administrative
capabilities.
Launched today at Hotel Africana, in the presence of the Uganda Cooperative Alliance Chief
Executive Officer, Ivan Asiimwe and the Housing Finance Bank Managing Director, Micheal
Mugabi, the App addresses challenges faced by SACCOs, VSLAs and other informal channels,
where over 50% of adults borrow and save regularly, ranging from cash operations and heavy
reliance on rudimentary manual practices that are prone to inefficiency, human error and fraud
which undermines the ability of these groups to increase financial inclusion for the
underbanked and the unbanked.
In light of these challenges, The Investa App seeks to utilize Uganda’s increasing mobile and
internet penetration to support these savings groups to digitally manage their operations, and
foster transparency and accountability while leveraging the digital financial services ecosystem
to enable individual group members to conduct financial transactions, such as withdrawals,
deposits or loan repayments, without having to be physically present.
Micheal Mugabi, Managing Director of Housing Finance Bank, expressed his enthusiasm for the
Investa App, stating, “At Housing Finance Bank, we are committed to Uganda’s socio-economic
development which involves driving financial inclusion and equitable access to financial services
regardless of one’s location. This Investa App is a step forward in that direction as it addresses
the unique challenges faced by informal savings and lending groups in Uganda by providing
innovative solutions that empower these groups, increase their efficiency, and reduce their
operational costs.”
Ivan Asiimwe, Chief Executive Officer of Uganda Cooperative Alliance commended Housing
Finance Bank for its initiative, emphasizing the potential impact of the Investa App on
enhancing financial inclusion and empowering local communities. He said, “I am honoured to
witness the launch of the Investa App, which aligns perfectly with the mission of the Uganda
Cooperative Alliance to provide high-quality support services to cooperatives and their members
on a sustainable basis. This digital solution will undoubtedly play a pivotal role in, reducing risks
associated with cash handling and related finance operations amongst savings groups, opening
up new sources of financing and promoting financial literacy which will ultimately foster socio-
economic development.”
The Investa App is available for eligible groups on Android’s Google Play Store as a free-to-
download application and also has a web-based management portal with administrator and user access.
