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HOUSING FINANCE BANK BOSS URGES BUSINESSES, CLIENTS TO SHIFT TO DIGITAL WAYS OF OPERATION DURING & AFTER COVID DISRUPTION

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By Mulengera Reporter

Housing Finance Bank Managing Director Michael Mugabi has advised business owners to embrace digital platforms as a way of overcoming challenges the Covid19 pandemic poses, currently and post-Covid.

Mugabi spoke during a webinar that discussed ways of addressing emerging risks during and after Covid19. The online conference was organized by Housing Finance Bank in partnership with the Institute of Internal Auditors as part of the Internal Audit month celebrations.

The MD noted that Covid19 had necessitated remodelling the future of doing business, and encouraged all players in the business sector to tap in the huge potential that digitalization presents if they are to keep their enterprises afloat and make them survive both during and after Covid19. Business must make use of technological innovations, he emphasized.

“As a bank, Covid19 has brought some challenges but we have put up reasonably strong risk management measures. We call upon leaders to look at business continuity and what to do differently to overcome challenges,” added MD Mugabi.

Institute of Internal Auditors of Uganda President Josepha Tibendarana Ndamira observed that Covid19 had disrupted ways of doing business, and therefore, ventures such as financial institutions must invest in digital channels to reach their clients and win over others.

“We had to look at the operational, strategic measures to continue with business. After facing a disruption in operations, the banks had to sensitize customers and promote digital channels. After improving the system, there was more traffic on digital platforms,” said Ndamira.

Geoffrey Okidi, aBi Development Ltd’s Head of Portfolio Development, spoke about how Covid19 had disrupted the agriculture sector, prompting project and budget reviews. Okidi called for increased investment in the sector to help boost good agricultural practices and re-stabilize the supply chain.

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