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Housing Finance goes into international money transfer

By Wainaina Wambu | February 20th 2021
HF Group CEO Robert Kibaara with Interswitch Kenya Country Manager Romana Rajput (left), and Ag HFC Managing Director Regina Anyika during the launch of the HF Whizz International Money Transfer. The IMT service will enable people in the diaspora remit funds into any HF account.

Housing Finance has partnered with digital payments firm Interswitch Group to offer International Money Transfer (IMT) as part of expansions of its digital banking services.

With the IMT, the lender’s diaspora customers can remit funds into any HF account and also allows a simplified channel for them to make their loan or mortgage payments.

The partnership comes on the back of HF’s turnaround strategy that is set to see the Kenya’s premier mortgage lender transform into a full service bank.

HF Group Chief Executive Officer Robert Kibaara said that they would continue significant investments into technology as part of a wider focus to be a digital first bank responsive to emerging customer trends.

“Our understanding of the customer and the market, coupled with strategic partnerships with fintech, enables us to design solutions that are simplified to address our customers’ needs,” said Kibaara.

“Kenyans in the diaspora send a lot of money to associates and loved one’s back home and are always on the lookout for a secure means to make these remittances. We are giving them an opportunity for real-time funds transfer from wherever they are directly into any HF account.”

The new solution developed through the partnership with Interswitch Group is known as HF Whizz International Money Transfer and allows customers in the diaspora to remit funds up to USD10,000 instantly from their debit or credit cards.

Country General Manager at Interswitch Kenya Romana Rajput noted that the HF Whizz IMT will be leveraging Interswitch’s secure and robust collection solution-IPG to enable the transfer and receipt of funds into local accounts.

“We are excited at the prospects, potential and possibilities of the partnership with HF Group. This partnership is consistent with our commitment to make payments one less thing for Africans to worry about,” said Mr Rajput.

Central Bank of Kenya (CBK) data, $3 billion was remitted into the country from the diaspora in 2020.  

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