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changes.”ALSO READ
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Sam Waweru
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HF enters mobile lending to boost revenues

Through its banking arm, HFC, the group is targeting the growing micro-lending segment which is becoming lucrative for banks as interest rates are not controlled, although risky. The app, dubbed HF Whizz and which is available on Google Play and App Store, is part of the predominantly mortgage lender’s diversification strategy.

HF Group is targeting the growing micro-lending segment which is becoming lucrative for banks as interest rates are not controlled. FILE PHOTO | NMG

Struggling HF Group #ticker:HFCK on Tuesday launched a digital banking platform, enabling customers to open an account, access loans, and deposit and transfer cash on mobile phones. Through its banking arm, HFC, the group is targeting the growing micro-lending segment which is becoming lucrative for banks as interest rates are not controlled, although risky.The app, dubbed HF Whizz and which is available on Google Play and App Store, is part of the predominantly mortgage lender’s diversification strategy.“Through HF Whizz, we want to deliver a frictionless digital experience across all our customer touchpoints with greater agility. It is our vision that the digital banking platform will enhance our customers experience, provide comprehensive business functionality and drive profitability,” HFC Managing Director Sam Waweru said.

HF Whizz is entering a growing market of commercial bank-backed lending apps such as Commercial Bank of Africa’s M-Shwari, KCB-M-Pesa #ticker:KCB , Equity’s #ticker:EQTY Equitel, M-Coop Cash and Barclays #ticker:BBK Timiza.The app enables customers to transfer up to Sh200,000 daily, borrow up to Sh50,000 for 7.725 per cent interest, deposit cash via pay bill number 100400, among other services.“In addition, the platform provides lifestyle value-add functionalities such as budgeting (and) real time settlement,” Mr Waweru said.“We want to deliver value to our customers while demonstrating the technological benefits to our shareholders. We have the right technology in place to manage any market shifts and industry changes.”ALSO READ: HF records 58pc fall in net profit as income dips

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