- The solution developed through the partnership with Interswitch Group is known as HF Whizz International Money Transfer.
- The IMT service will enable people in the diaspora to remit funds seamlessly into any HF Group account and also provide a simplified channel for them to make their loan/mortgage payments.
HF Group is leveraging technology to tap into the lucrative diaspora money transfer market segment.
HF Group announced its partnership with Interswitch Group, a leading digital payments and commerce company, to expand its digital banking services to include International Money Transfer (IMT).
The IMT service will enable people in the diaspora to remit funds seamlessly into any HF account and also provides simplified channel for them to make their loan/mortgage payments. The partnership is coming on the heels of the company’s diversification efforts into full-service banking.
Robert Kibaara, HF Group Chief Executive Officer, said, “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,” he said.
Kibaara added, “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. 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.”
According to the CBK data $3billion (over Sh300 billion) was remitted into the country from the diaspora in 2020.
The solution developed through the partnership with Interswitch Group is known as HF Whizz International Money Transfer. It allows customers in the diaspora to remit funds up to USD 10,000 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 According to the Central Bank of Kenya data, USD 3Billion was remitted into the country from the diaspora in 2020.
