HFC partners with MasterCard to grow its retail market
By Soko Directory Team / August 30, 2017
In a bid to grow its retail banking unit, HFC – the banking subsidiary of HF Group – is leveraging on its new banking system to roll out new products.
“Our business model has previously leaned towards corporate banking which has formed a bigger share of banking business,” said HFC Managing Director Sam Waweru. “This has served us well owing to our heritage as a property finance company. However, to leap into the next phase of growth, we are diversifying and growing the retail arm of our banking business as well. This will enable us attract cheaper funding by growing our customers deposit portfolio.”
Waweru said the new banking system implemented in 2016 now provides HFC with the ability to merge front-to-back office environments for the entire business and supports electronic banking channels and hence maximizing cross-selling opportunities through personalised product offerings and reduced time to market for new products.
“The new banking system, has now enabled HFC to roll out technology driven products, provide comprehensive business functionality and enhance customer experience,” he said.
To strengthen its retail offerings, HFC partnered with MasterCard to issue debit cards as part of the bank’s strategy to grow its full service banking offering.
The MasterCard debit card is directly linked to both HFC’s Current and Savings accounts.
Waweru said the partnership with MasterCard will enable HFC customers access over 36.9 million Point of Sale terminals in over 210 countries and territories.
“The launch of the MasterCard will ensure that our customers have access to safe, convenient and seamless transactions in Kenya and around the world,” he said.
HFC currently has a network of 25 branches across the country.