History

1913

The Kenya Building Society Limited (KBSL) was founded and was the earliest building society in Kenya set up to serve the needs of the immigrant communities.

1956

KBSL was registered under the Companies Act. In 1956, the constitution was changed and therefore on 11th September 1956 KBS was registered under the Building Societies Ordinance of 1956 with its Head office located at Kenwood House along Hardinge Street (now Kimathi street).

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.

1973

Buru Buru Estate is commissioned by the then Mayor of Nairobi Miss Margaret Kenyatta.

1974

Completion of Buru Buru phase 1 comprising of 926 houses.

1974

Buruburu phase I comprising of 926 houses was completed in 1974

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.

1977

Buruburu phase III comprising of 625 houses and was completed between 1977 and 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

1987

On the 31st March 1987, Prince Charles’ visited Buruburu estate when he was on a 3-day tour in Kenya to view CDC projects as one of the directors

1988

The construction of Komarock housing project commenced.

1990

The final phase of Komarock was completed in 1990

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.

1994

KBSL continued developing the Komarock estate in the 90s with Komarock Phase II consisting of 197 two and three bedroom houses being ready for sale on 10th February 1994

1996

KBSL finished the construction of estates outside Nairobi, that is, 100 houses at Fahari Estate in Bamburi / Mtopanga, Mombasa

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.

1999

Building of Komarock Phase V was completed

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.

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.

2012

KBSL - which had been scaled down to a Unit within HFCK - was revived and immediately embarked on the construction of Komarock phase 5A

2012

HF Insurance Agency begun operations, and was formed to serve existing HF customers

2012

HF Insurance Agency begun operations, and was formed to serve existing HF customers

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.

2013

Komarock Phase 5A consisting of 162 units was completed.

HF 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.

2015

TVET on wheels launched to address the shortage of relevant skills in the Building and Construction sector. The programme aims to tackle this shortage through training the aspiring artisans and up skilling existing artisans on live construction sites in practical skills.
2015

TVET on wheels launched to address the shortage of relevant skills in the Building and Construction sector. The programme aims to tackle this shortage through training the aspiring artisans and up skilling existing artisans on live construction sites in practical skills.
2015

TVET on wheels launched to address the shortage of relevant skills in the Building and Construction sector. The programme aims to tackle this shortage through training the aspiring artisans and up skilling existing artisans on live construction sites in practical skills.
2015

KBSL rebranded to HF Development and Investment Limited (HFDI)

Precious Gardens development at Riruta was completed

Komarock 5B was also completed

President Uhuru Kenyatta officiates the groundbreaking of Komarock Heights

2015

After rebranding, HF Insurance Agency began offering insurance solutions externally to the general public offering solutions from various underwriters.

Solutions offered include life, business, general and medical insurance.

2015

After rebranding, HF Insurance Agency began offering insurance solutions externally to the general public offering solutions from various underwriters.

Solutions offered include life, business, general and medical insurance.

2015

After rebrand, HF Insurance Agency began offering insurance solutions externally to the general public offering solutions from various underwriters.

Solutions offered include life, business, general and medical insurance.

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. 

2016

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

7 new branches were opened; Komarock, Hurlingham, River Road, Machakos, Nanyuki, Ongata Rongai and Embu, bringing the total branch count to 25.

2016

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

7 new branches were opened; Komarock, Hurlingham, River Road, Machakos, Nanyuki, Ongata Rongai and Embu, bringing the total branch count to 25.

2016

K-Mall, the new family mall at Komarock was completed

Kahawa Downs is completed

Construction begins at Richland Pointe, Kamiti Road

Awards

Leadership

  • Board Of Directors
  • Jane Surungai Jane Surungai Principal Officer ×

    Jane Surungai - Principal Officer

    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 Director ×

    Constantine Barasa - Director

    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.

  • Patrick Mokaya Patrick Mokaya Director ×

    Patrick Mokaya - Director

    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.

  • Frank Ireri (EBS) Frank Ireri (EBS) Chairperson ×

    Frank Ireri (EBS) - Chairperson

    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).

Insurance underwriters