HFC, the banking and property finance subsidiary of HF Group has joined other financial institutions with the launch of their ‘HF Whizz’ mobile lending app.
The revolutionary app aims to change the way consumers open and access their bank accounts with the only requirement being the national identification number using their smart phones in a Whizz.
The application promises to set itself apart from by putting first customer experience with frequent software upgrades suited to the lifestyle of the customer, key integrations to be able to have the social experience whilst ensuring seamless transactions.
HF group intends to diversify and grow its retail business which has been previously been associated with mortgage financing since the onset.
“Through HF Whizz, we want to deliver a friction-less digital experience across all our customer touch points with greater agility. It is our vision that the digital banking platform will enhance our customers experience, provide comprehensive business functionality and drive profitability.” Sam Waweru, HFC.
How it works
The user needs to download the app on their device which is available for both android and IOS devices.
What follows up is an easy sign up process using your phone number and ID number.
Load your account with credit either from your bank account or M-PESA in an instant.
And you are good to go!
Target audience
HF was very deliberate on whom the app was built for, the youthful hustlers and micro entrepreneurs who need quick banking services on the go.
The Kenya National Bureau of Statistics MSME report establishes that there were about 1.56 million MSMEs (micro small medium establishments) licensed by the county governments while the unlicensed businesses identified from the households were 5.85 million. Majority of these MSMEs are in the service sector, with most operating in wholesale and retail trade, repair of motor vehicles and motor cycles followed by accommodation and food service activities and other service activities. In all counties with exception of Nairobi, micro sized establishments constituted more.
Over the years these MSME’s have always faced challenges in accessing credit having to save, loan money from friends or other informal sources. The HF Whizz app will allow one to apply for a loan and receive money in less than 7 seconds with a payback period of 3 months.
