Frank Marangu Ireri, who steered Housing Finance (now HF Group) through one of the most consequential transitions in Kenya’s banking sector, has died of cancer in Nairobi at the age of 63.
His passing on Sunday, October 26, marks the end of a chapter for a leader who believed that finance should bring Kenyans closer to home ownership—and who carried the weight of the sector’s upheavals with quiet determination.
Appointed managing director of Housing Finance in 2006, Ireri set out to move the mortgage specialist beyond its narrow niche. He diversified lending, backed bold funding initiatives—including corporate bonds—and in 2014 helped recast the lender into HF Group, a holding structure designed to transform it into a full-service bank.
That ambition unfolded during a decade of rapid innovation and fierce competition in Kenya’s financial sector, and for a time, HF punched above its weight.
His later role as a non-executive director at Centum Real Estate reflected his enduring interest in property and affordable housing.
“We are deeply saddened by the passing of Mr Frank Marangu Ireri, a respected member of the Centum Real Estate Board,” Centum Real Estate said in a statement.
“His leadership, kindness, and steady presence left an enduring impact on all of us,” the firm added.
The tide turned after 2015. A cooling property market and the interest rate cap squeezed margins, and by 2017, HF’s profit had fallen to Sh126 million from Sh905.8 million a year earlier. Disclosures that Ireri earned Sh64.4 million that year — about half of the net profit — sparked debate over executive pay at struggling lenders, contrasting sharply with his reputation for prudence.
The institution also grappled with legacy credit issues. In litigation reported at the time, former insiders alleged that HF had under-reported bad loans, while market coverage highlighted the dispute’s impact on investor confidence.
Ireri denied any wrongdoing, but the claims added to the headwinds facing the lender.
Although he stepped back from day-to-day management, he remained close to the industry through board service.
Colleagues remember Ireri as exacting on process and governance, and as a leader who viewed banking as a public-minded craft—one that should deploy capital responsibly, manage risk wisely, and open doors to home ownership.
He leaves behind his wife Angie and daughters Lian Waithera and Ella Gathoni.
