Housing Finance launches new money transfer service

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HF Group customers living abroad can now remit funds seamlessly into any HF account as well as make their loan or mortgage payments through the International Money Transfer (IMT) service introduced by the firm.

The HF Whizz which has been rolled out in partnership with Interswitch Group is expected to help the financial services provider to expand its digital banking services as well as drive HF Group diversification efforts into full-service banking according to HF Group Chief Executive Officer Robert Kibaara,

“We have made significant investments in technology in order to bolster our full service banking proposition. Our focus is in building a digital first bank that is responsive to emerging customer trends. Designing the best customer experience is a continuous process and our vision is to empower customers to make their personal and business transactions at the click of a button,” said Kibaara.

He adds that HF Whizz has been developed with focus on simplified customer needs as diaspora inflows continue to increase despite hardships exacerbated by COVID-19.

The International Money Transfer service allows customers in the diaspora to remit funds up to USD 10,000 (Kshs. Kshs 1 million) instantly from their debit or credit cards.

Romana Rajput, Country General Manager at Interswitch Kenya, said, “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. At Interswitch, our solutions are continuously designed to be reliable, secure and convenient.”

The HF Whizz IMT will be leveraging Interswitch’s secure and robust collection solution-IPG to enable the seamless transfer and receipt of funds into local accounts.

Latest data from the Central Bank of Kenya (CBK) indicate that remittances increased 10.7% in 2020 to stand at Kshs. 340 billion ($3.094 billion) when compared to 2019.

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