By Dhahabu Writer
Housing Finance Group’s mortgage lender and commercial banking subsidiary Housing Finance Corporation is seeking to grow its footprint in the country by setting up branches across the 47 counties.
Sam Waweru, the Managing Director of HFC, said the financial services provider has embarked on the process of opening six branches in different areas across the country.
Mr Waweru spoke on Thursday when he flagged off a roadshow in Kisii to popularise the recently launched HFC Kisii branch.
He added that in the course of the first half of 2016, the firm is set to grow its branch network to 24 from the current 18 branches and also introduce a mobile app and internet banking in order to increase accessibility and convenience for customers.
“We are expecting to see a lot of demand for financial services in the counties and by having a presence all over the country we will be positioned to tap into these opportunities. Our unique proposition is that HFC offers a wide range of property financing solutions and in addition is now able to provide commercial banking solutions,” said Waweru.
Among the areas that the company is looking to open branches in the coming months include Hurlingham, Machakos, River Road, Komarock, Nanyuki and OngataRongai.
The Kisii branch is relatively new having been opened October 2015, and is among those that are expected to be key for HFC considering the vibrancy and economic boom being experienced in Kisii County.
HFC’s core business is in financial services offering mortgage, banking and insurance, it however also concentrates on real estate development.
Housing Finance Group is the holding company for HFC (Mortgage and banking), its developing investments arm HFDI deals with (real estate development), HFIA (insurance agency) and HF Foundation (social responsibility arm). The firm’s mission is to remain the leading integrated solutions enabler for the property industry.
The firm rebranded last year August, to set up the four divisions, with new logos and strategies for the group, with a keen interest to hugely diversify service offering while still concentrating in the financial services sector.
HF embarked on the rebranding after receiving an approval from the Central Bank of Kenya (CBK) to establish a non-operating holding company, HF Group Ltd. The company also created a new subsidiary, HFC Ltd, which is licensed to offer mortgage financing as well as banking services under the Banking Act.
The former Kenya Building Society Ltd (KBSL), its subsidiary and real estate development arm, was then renamed to the current HFDI. It is licensed to engage in project financing and development under the Banking Act.
The bank has since been recognized by CBK for offering friendly loan rates in a move likely to lure customers to swarm its way, increasing its revenue.
It has fared well in latest profit results with a profit after tax that rose 23 per cent to Sh1.2 billion for the year ended December 31, 2015 compared to Sh975 million during a similar period in 2014.