History

1965

Inception

Housing Finance Company of Kenya was incorporated as the premier mortgage Finance Institution in Kenya licensed under the Banking Act with the CDC and the GoK owning 60% and 40% respectively.

1966

Operations

  • Housing Finance started operations with the main objective of implementing the government’s policy of promoting thrift and home ownership by lending funds advanced from First Permanent East Africa Limited (FPEA)
  • Operations were restricted to the zoned residential areas within Nairobi and Mombasa. 
1968

Deposits of FPEA in Kenya were transferred to HFCK while the Tanzanian and Ugandan deposits were transferred to The Permanent Housing Finance Company of Tanzania and the Housing Finance Company of Uganda respectively.

1970

On 1st January 1970, HFCK acquired the whole shareholding of the FPEA thereby acquiring the latter’s wholly owned subsidiary Kenya Building Society.

In January 1970, HFCK moved its headquarters to the newly acquired Portal House (now Alyusra House) on Library Street, off Portal Street (now Banda Street) for use as the Head Office and banking hall.

1971

The new office space soon proved to be inadequate and therefore on 1st June 1971, HFCK increased its administrative offices by taking over a whole floor of the adjacent Nanak House along Kimathi Street.

1973

Buru Buru Estate is commissioned

Buru Buru Estate was commissioned in 1973 by the then Mayor of Nairobi, Margaret Kenyatta.

1974

Completion of Buru Buru phase 1 comprising of 926 houses.

1975

The construction of Rehani House, the current Head Office at the junction of Kenyatta Avenue and Koinange Street commenced in 1975 and the building was completed in 1978.

1979

HFCK continued mobilizing deposits through Savings and Deposit accounts and also introduced other products including the Fixed Term Deposit Accounts. HFCK’s branch network stood at 3 branches in Nairobi, Mombasa and Nakuru and 1 agency, Thika Agency

1980

HFCK’s slogan transitioned from ‘In Pursuit of Shelter’ to ‘The Rock of Kenya’ in the late 1980s to inspire confidence amongst its customers and general public.

1987

Prince Charles visited Buru Buru Estate

1992

In October 1992, HFCK offered part of its equity (18,000,000 new ordinary shares) up for sale to the public at Kshs. 7 and became a quoted company on the Nairobi Stock Exchange.

The issue was more than three times oversubscribed.

1998

HFCK events organized Kenya’s first Housing Exhibition in 1998 and 1999 at the Kenyatta International Conference Centre which brought together players in the real estate industry.

2001

3rd July 2001, HFCK’s MD Mr. Peter Lewis-Jones launched a Property Shop on the 8th floor of Rehani house whose purpose was to enable customers purchase property through HFCK.

2002

6th March 2002, rebranding from Housing Finance Company of Kenya to the vibrant and aptly named Housing Finance (HF) - a company built on the strength of the old yet clearly focused on availing new housing solutions to homeowners and meeting the growing housing challenges.

2006

Frank Ireri was appointed the HF’s MD on the 1st of July 2006.

2007

In March 2007, HF set up a Project Finance team to provide solutions and financing for the growing base.

On the 11th July 2007, CDC Plc – the single largest shareholder in HF at the time - sold its 24.9% interest in HF to Equity Bank Limited and British American Investment Company Limited (BAICL).

The shareholding stood at 7.32% GoK, 20.0% EBL, 4.9% BAICL, 7.87% NSSF and 59.91% to the public. Property Point, a one-stop shop for property developers, estate agents, suppliers of housing and construction materials and property buyers to acquire property under one roof, was set up.

 

2008

HF entered into an agreement with the GoK through the Ministry of Housing to provide mortgages at subsidized rates to the civil servants through the Civil Servants Mortgage Scheme opening the door for thousands of civil servants across the country to access mortgages.

2010

HF successfully raised Kshs. 7B - which was the first tranche of a Kshs. 10B offer - from the bonds market to fund business growth. The Bond was oversubscribed by 41% from the original target of Kshs. 5B.

2013

HF innovated a new solution, Ezesha, offering 105% mortgage financing, allowing customers to access mortgages to enable home ownership for more Kenyans

Komarock Phase 5A consisting of 162 units was completed and signed two Joint Ventures with land owners in Riruta (Precious Heights) and Kahawa (Kahawa Downs) to develop and supply 174 and 220 affordable housing units respectively.

2015

In August 2015 the Company received approval from the Central Bank of Kenya (CBK) to establish a non-operating holding company and rebranded from Housing Finance to HF Group Limited. The banking and mortgage business was transferred to HFC Limited, while the Kenya Building Society rebranded to HF Development and Investment Limited.  

Westlands, Kitengela, Sameer, Kisii and Naivasha branches were opened within the year.

2016

In January 2016, a new core banking system was introduced to improve on service delivery.

Komarock Phase 5A consisting of 162 units was completed. The year also saw the commencement of two new Joint Venture projects, Precious Gardens Phase One in Riruta and Kahawa Downs in Kahawa Wendani with 174 and 220 affordable housing units respectively. 

Mission & Vision

VISION

To be the leading provider of integrated solutions for the acquisition, development and improvement of property in Kenya.

 

MISSION

We will be the leading integrated solutions enabler for the property industry. We will offer innovative products and services, delivered under one roof by exceptionally committed people to enhance shareholder value. We will operate across the property value-chain as suppliers and financiers that offer unique solutions to all while being environmentally responsible.

 

Leadership

  • Board Of Directors
  • Management
  • Steve Mainda (EBS) Steve Mainda (EBS) Chairperson ×

    Steve Mainda (EBS) - Chairperson

    Mr. Steve Mainda (EBS) is the current Chairman and was appointed Director on 3rd December 2014. He has broad and extensive financial, insurance, investment, educational and management background in the Financial Services industry.

    Mr. Mainda is a Fellow of the Institute of Directors of London and holds M.A and B.A Degrees from the Universities of Princeton and Cambridge.

    He is Chairman of HF Group. He holds directorships in; Ryce EA Ltd, Sasini, KK Security Group, Leisure Lodge Resort, ABC Capital among others.

  • Benson I Wairegi Benson I Wairegi Director ×

    Benson I Wairegi - Director

    Benson is currently Group Managing Director of Britam Holdings Limited. He joined British-American Insurance Company Ltd. (as it was then called) in 1980 as the Chief Accountant. He had previously worked with Price Waterhouse, the forerunner of PricewaterhouseCoopers for 3 years. Benson’s is currently Vice Chancellor of Kenyatta University.

    Benson holds a Bachelor of Commerce degree in Accounting and an MBA in Strategic Management. He is a member of the Institute of Certified Public Accountants of Kenya (ICPAK).

  • Peter Munga Peter Munga Director ×

    Peter Munga - Director

    Mr. Munga is the Chairman of Equity Bank Limited, Chairman of National Oil Corporation (NOCK), Chairman of Micro-Enterprise Support Programme Trust (MESPT) and a director Rockfeller Foundation, Equatorial Nut Processors and British-American Investments Company (Kenya) Ltd. He is an enterprising businessman and runs the Pioneer Group of Schools. He is a Certified Public Secretary with vast experience in both public and private sector management and holds a diploma in Human Resources and Financial Management. Mr. Munga is a retired Deputy Secretary.

  • Adan Mohamed Adan Mohamed Director ×

    Adan Mohamed - Director

    Adan joined the board on 15th October 2012. He has extensive knowledge and expertise in Law having engaged in legal representation in and outside the country. He has also engaged in the training and evaluation of law enforcement officials in matters involving access to justice and eradication of inequalities based on race, gender or national origin.

  • Dr. Kaushik Manek Dr. Kaushik Manek Director ×

    Dr. Kaushik Manek - Director

    Dr. Kaushik Manek was appointed as a Non-Executive Director of HF Group Limited effective 26th June 2015. Upon completing his education, locally in Kenya and the UK, earning himself a degree in Marketing and Advertising, Dr. Manek joined the family business in 1978 and has since been instrumental in its growth from a small retail shop in Nairobi to multi-faceted business interests in Kenya and beyond. 

    Dr. Manek is committed to both social and community service. This is exhibited through his extensive involvement with Rotary since 1997, having worked through the ranks within the club level and eventually serving as District Governor in 2008- 2009. His social service spans beyond Rotary and is reflected through community leadership roles within the Lohana community, the Hindu Council and the Desai Memorial Foundation, amongst others.

     

  • Constance Gakonyo Constance Gakonyo Director ×

    Constance Gakonyo - Director

    Ms Gakonyo is a strategic management expert with extensive legal and corporate governance experience. She has held a variety of senior management positions including that of Legal Consultant and Head of the Performance Management portfolio for SABMiller Africa Asia (Pty) Limited. She holds a Law Degree from the University of Nairobi and an MBA in Strategic Management. Constance is a member of the Law Society of Kenya (LSK), Certified Public Secretaries CPS (K) and the Chartered Institute of Arbitrators.  She sits on the Board of HFG (since 2014) and heads the Nomination and Governance Committee. Constance has also served on the Boards of East African Breweries Limited (EABL) and on the Group Boards of REAL Insurance Co. Ltd (Kenya, Malawi, Mozambique, and Tanzania). 

     

  • Felister Kembi Felister Kembi Director ×

    Felister Kembi - Director

    Ms. Felister Kembi joined the board on September 2016. She is a graduate of the University of Nairobi with a degree in B.Com (Accounting). She is also a CPA (K) holder and a member of the Institute of Certified Public Accountants of Kenya (ICPAK). Felister has vast experience having worked for Kenya Airways, East African Portland Cement, Kenya Times, Bellhouse Mwangi, Ernst & Young and Roussel of EA later known as AgrEvo EA Ltd. mainly as an accountant, Auditor and Finance Manager. She is also a director of Felicity Exclusive Designs, a major importer and distributor of clothing and household goods. 

     

  • Gladys Muthoni Karuri Gladys Muthoni Karuri Director ×

    Gladys Muthoni Karuri - Director

    Gladys joined the HF Group board in 2016. She is currently the Group Finance & Strategy Director in Britam.   Gladys is a graduate of the University of Nairobi which she obtained her BA in Mathematics and Economics in 1998.  She later obtained her MBA from the Warwick University, UK in 2015.  Gladys is also a CPA and a member of the Institute of Certified Accountants of Kenya.

    Gladys started her working career with PricewaterhouseCoopers in both Kenya and the United Kingdom in 2000 where she worked as a Senior Auditor, Assurance Manager.  She left PricewaterhouseCoopers in 2007 when she joined British American (now Britam) as the Chief Finance Officer.  In 2011 she was promoted to the position of Group Finance and Strategy Director of Britam Holdings Ltd.

     

  • Frank Ireri (EBS) Frank Ireri (EBS) Group Managing Director ×

    Frank Ireri (EBS) - Group Managing Director

    Frank Ireri was appointed Managing Director in July 2006, and Group Managing Director on 1st July 2015. He is a seasoned Banker with more than 20 years standing experience and joined the Company from Barclays Bank of Kenya where he was Head of Barclay Card Africa, covering Kenya, Botswana, Zambia, Mauritius, Seychelles and Egypt. Prior to this, he worked with Citibank and Commercial Bank of Africa. During his banking career, he has had international exposure in the Philippines, Poland, Sri Lanka and Zambia.

    In 2014, as part of the Citi Alumni Network, he was awarded the distinguished alumni award for Leadership & Ingenuity in recognition of his tremendous achievements and innovations in the Kenyan mortgage finance industry.

    In 2011, the former President H.E. Mwai Kibaki conferred upon him the Elder in the second class of The Order of the Burning Spear (EBS) in recognition of his distinguished service rendered to the Nation.

    Frank holds a Bachelor of Commerce degree from the University of Nairobi and is a Certified Public Accountant (CPA K).

  • Frank Ireri (EBS) Frank Ireri (EBS) Group Managing Director ×

    Frank Ireri (EBS) - Group Managing Director

    Frank Ireri was appointed Managing Director in July 2006, and Group Managing Director on 1st July 2015. He is a seasoned Banker with more than 20 years standing experience and joined the Company from Barclays Bank of Kenya where he was Head of Barclay Card Africa, covering Kenya, Botswana, Zambia, Mauritius, Seychelles and Egypt. Prior to this, he worked with Citibank and Commercial Bank of Africa. During his banking career, he has had international exposure in the Philippines, Poland, Sri Lanka and Zambia.

    In 2014, as part of the Citi Alumni Network, he was awarded the distinguished alumni award for Leadership & Ingenuity in recognition of his tremendous achievements and innovations in the Kenyan mortgage finance industry.

    In 2011, the former President H.E. Mwai Kibaki conferred upon him the Elder in the second class of The Order of the Burning Spear (EBS) in recognition of his distinguished service rendered to the Nation.

    Frank holds a Bachelor of Commerce degree from the University of Nairobi and is a Certified Public Accountant (CPA K).

  • Sam Waweru Sam Waweru Managing Director, HFC ×

    Sam Waweru - Managing Director, HFC

    Sam joined Housing Finance (*now HF Group) in December 2005 as the Head of Internal Audit. He began his career at the international audit and advisory firm of Ernst & Young in 1992 as an Accountant/ Auditor. He has also held the following positions prior to joining Housing Finance; Senior Internal Auditor at Lonrho Africa Management Services; Head of Internal Audit at Uchumi supermarkets; and Head of Internal Audit, Aga Khan Health Services, East Africa.

    He was appointed Managing Director – HFC on 1st July 2015. During his career life, Sam has gained working exposure in different countries which include about ten African countries and the United Kingdom.

    Sam is a Bachelor of Commerce (Accounting Option) graduate of the University of Nairobi and a Certified Public Accountant (CPA K).

  • James Karanja James Karanja Executive Director, HFDI ×

    James Karanja - Executive Director, HFDI

    James joined HF Group in May 2009 as a Senior Manager-Project Finance. He was later promoted as Head of Project Finance in June 2010. He is currently the Executive Director – HFDI. James has over 10 years banking experience having previously worked at CFC Bank Limited and Co-operative Bank of Kenya Limited. James holds a Master in Business administration (MBA) qualification from Warbrough University UK and is a qualified member of the Associate Kenya Institute of Bankers (AKIB).

  • Jane Surungai Jane Surungai Principal Officer, HF Insurance Agency ×

    Jane Surungai - Principal Officer, HF Insurance Agency

    Jane joined the HF Group in November 2002 as Insurance Manager and has grown to the current position of AGM & Principal Officer, and is also a Director of HFIA. Jane has over 20 years’ experience in insurance, having previously worked in the insurance industry. She holds a Bachelor of Commerce (Hons.) degree from the University of Nairobi, and is a Fellow of the Chartered Insurance Institute (UK) as well as Fellow of the Insurance Institute of Kenya.

    Jane is an Executive member of the Insurance Institute of Kenya, the body that oversees professionalism in the insurance industry.

  • Constantine Barasa Constantine Barasa Group Director, Finance ×

    Constantine Barasa - Group Director, Finance

    Constantine joined HF Group in July 2006 as an Internal Auditor, rising through the ranks to become the Head of Internal Audit and was later promoted to Assistant General Manager - Risk and thereafter General Manager – Risk before being appointed to his current position. He is a Bachelor of Commerce (Accounting) graduate from the University of Nairobi, a Certified Public Accountant CPA (K) and a Certified Public Secretary CPS (K). He also holds an MBA from the University of Nairobi.

  • Regina Anyika Regina Anyika Director, Company Secretary and Head of Legal ×

    Regina Anyika - Director, Company Secretary and Head of Legal

    Regina joined the Company on 16th September 2013. She is currently the General Manager –Legal Services and Company Secretary. Prior to joining the company Regina worked with the Cooperative Bank of Kenya Limited and Senator Cards Limited. Regina is a seasoned In House Counsel with over 20 years’ experience. She holds an MBA – Employee Relations from the University of Leicester (U.K), a Bachelor of Laws (LLB) from the University of Nairobi, a Diploma from the Kenya School of Law and is a Certified Public Secretary (CPS).

  • George Njuguna George Njuguna Chief Information Officer ×

    George Njuguna - Chief Information Officer

    George joined the company as the Chief Information Officer. He has over 15 years’ experience in ICT. Specifically, he has over 10 years in banking related technology, transactional banking, product development, project management, digital channels, data security and system integration. He has held various technical and senior management roles locally, regionally and internationally. George holds a Bachelor of Science Degree and MBA from Geneva College in Pittsburgh Pennsylvania.

  • Francis Kinyanjui Francis Kinyanjui Head of Business Development, HF Insurance Agency ×

    Francis Kinyanjui - Head of Business Development, HF Insurance Agency

    Francis holds a Bachelor of Arts Degree in Economics from the University of Nairobi and a Diploma in Insurance (AIIK) from the college of Insurance. He also holds a Masters degree in International Relations from the United State International University-USIU and is an Associate member of the Insurance Institute of Kenya (AIIK). He has over 10 years’ experience in the Insurance industry, with a wealth of experience in Insurance Underwriting, Product Development, Marketing and Business Development, strategy formulation and development of the Bancassurance proposition. Prior to joining HF Insurance Agency in 2016, Francis worked for National Bank Insurance Agency, Equity Insurance Agency and Corporate Insurance Company Ltd. where he held senior management positions.

  • Achieng Oluoch Achieng Oluoch Head of Marketing ×

    Achieng Oluoch - Head of Marketing

    Achieng has over 10 years’ experience in marketing communications. Her current role as Head of Marketing includes spearheading the development and execution of marketing & communication strategies; management of the corporate brand image across different channels and stakeholders; product development.

    She holds a Master of Commerce Degree (IBM) from Strathmore University, Bachelor of Arts Degree in Communication and Media Technology (Public Relations), Maseno University and Diploma in Project Management from the Kenya Institute of Management.

  • Peter Nganga Peter Nganga Director, Treasury ×

    Peter Nganga - Director, Treasury

    Peter moved to HFC in Dec 2015 after spending 20 years in various local and international banks including ABN AMRO, PNC Bank Pittsburgh, and Barclays Bank Kenya. Passionate about local solutions to local challenges, the move to HFC was a natural fit. Peter specializes in the FX and Money Markets and is passionate about customer service and customizing solutions to fit the needs of a client. Peter has also excelled in the Corporate, Retail & Business banking space. He has trained and been trained across four continents.

  • Edmund Muchemi Edmund Muchemi General Manager, Finance ×

    Edmund Muchemi - General Manager, Finance

    Edmund joined the Company on 6 August 2007 as a Management Accountant for the Group and rose through the ranks to his current role as the General Manager – Finance. Prior to joining the company, Edmund worked with the Equity Bank, Security Group Africa Ltd, and Muthaiga Golf Club. Edmund is a seasoned Accountant with over 17 years’ working experience in banking, security services and hospitality sector. He is a Qualified Accountant and a member of Institute of Certified Public Accountants of Kenya (ICPAK).

  • Joseph Ngare Joseph Ngare General Manager, Audit ×

    Joseph Ngare - General Manager, Audit

    Joseph joined HFC on 19th April, 2010 as the Head of Audit. Prior to joining the Company, Joseph worked with Gulf African Bank and Cooperative Bank of Kenya Limited.

    Joseph holds a Bachelor of Commerce degree (Finance Option) and is a qualified Certified Public Accountant (Kenya), Certified Internal Auditor (CIA) and a Certified Quality Assessor (QA).

  • Belinda Nganga Belinda Nganga Legal Manager, Commercial ×

    Belinda Nganga - Legal Manager, Commercial

    Ms. Nganga holds a Bachelor of Laws degree (LL.B) from the University of Nairobi, a Masters degree in Business Administration (Strategic Management) from the United States International University - Africa, a post graduate diploma in Law from the Kenya School of Law and is registered as a Certified Public Secretary (CPS (K)).

    She is an advocate of the High Court of Kenya, Commissioner for Oaths, Registered Certified Public Secretary as well as a member of the Law Society of Kenya, Institute of Public Secretaries of Kenya and Federation of Women Lawyers in Kenya. She joined HFC in 2014 and has 10 years of legal and banking experience.

  • Dorothy Jumba Dorothy Jumba Head of Customer Service ×

    Dorothy Jumba - Head of Customer Service

    Dorothy is currently the Head of Customer Service at HFC. She is a Customer Experience professional with 12 years’ experience in Customer Experience industry having served in various capacities including Call Centre management. Prior to joining the company, she was an Operations Manager at the Safaricom Contact Centre.

    Dorothy holds an MBA Degree in Strategic Management from University of Nairobi, a BSc. Degree in Horticulture from Egerton University and PRINCE2 Practitioner certification.

  • Patrick Mokaya Patrick Mokaya Director, Business Development ×

    Patrick Mokaya - Director, Business Development

    Prior to Joining HFC, Patrick worked in various capacities in Corporate & Commercial Banking with Bank of Africa, Citibank, Credit Agricole Indosuez and Stanbic Bank. Patrick holds a BA Degree in Technology Management & Economics from Moi University (Kenya) and Global Executive MBA from USIU (Kenya) in association with Columbia Business School (USA). He is also an Associate of the Chartered Institute of Bankers UK and holds a Diploma in Bank Credit & Risk Management from Damelin School of Banking in South Africa.

  • Kennedy Gachoki Kennedy Gachoki Head Of Risk ×

    Kennedy Gachoki - Head Of Risk

    Kennedy joined HFC in November 2015 to oversee the Enterprise Risk Management Division with functional reporting responsibilities to Board Risk Committee. He joined HFC from Central Bank of Kenya (CBK) where he had served since June 2008, in Bank Supervision Department. He has vast experience in banking risk management processes including in risk identification, risk measurement, risk control and risk monitoring. He has also participated in several international and local forums on banking risk management including compliance related trainings.

    Kennedy holds a Master Degree in Business Administration (MBA-Finance) from the University of Nairobi and a Bachelor of Commerce Degree in Accounting. He is also a Certified Public Accountant CPA (K).

Awards

Financials

Unaudited financial statements and other disclosures