HFC Tuesday opened a branch in Hurlingham as it seeks to deepen its banking footprint in the country.
The Hurlingham branch brings to 21 the number of HFC branches.
HFC is the mortgage finance and banking subsidiary of HF Group. Other branches rolled out within the year include Komarock Branch at K- Mall and Machakos branch.
Sam Waweru, Managing Director HFC said there are plans to push up the number of HFC’s branches to 30 by end of 2016 to enhance accessibility for customers.
“We are planning to open another four branches in different counties across the country and this will bring the number of branches to 25 by end of the third quarter of 2016 in September, well on our journey to the 30 branches target by end of 2016,” said Waweru.
“There are another 10 branches that are planned over the next three years, which will bring our branch network to 40.”
Branches that are expected to start operations over the next few months include River Road (Nairobi CBD), Ongata Rongai, Embu and two branches in Nanyuki.
In addition to the “brick and mortar “ expansion, HFC has rolled out a mobile banking platform and plans are underway to launch internet banking, all aimed at increasing convenience and accessibility for customers.
Mr Waweru added that HFC had developed unique products that are targeted at retail as well as corporate customers.
These include innovative solutions such as cyclic loan facilities that allow Small and Medium Enterprises (SMEs) to service their loans when they receive payments.
“This solution is unique as it does not tie down businesses to monthly loan repayments. Instead one can make payments depending on their income for instances every three or six months,” he said.
“This is borne out of understanding our customers and that a number of them might not receive payments from their clients every month. Some actually go for months after the work is completed before they receive payments but they need financing to, for instance, start on another project.”
Waweru noted that many businesses in this segment are still largely uncovered by mainstream banking, and hence starved off capital to expand from their ‘small’ status to medium and large enterprises.
“MSMEs are currently acknowledged as engines of growth due to the potential that they have but many lack access to finances to expand. We see a huge opportunity in this space that we continue to harness,” said Waweru.