Family Bank Turns 40 Years: Transforming Lives, Economic Growth

• Family Bank Celebrates 40 Years of Transforming Lives and  Driving Economic Growth in Kenya;

Family Bank has celebrated four decades of empowering communities, fostering economic growth, and championing financial inclusion in Kenya.

Since its inception, the Bank has played a pivotal role as a leader in the sector by providing access to capital to individuals, businesses, and communities across the country.

Speaking during the anniversary gala dinner celebration, The Central Bank of Kenya (CBK) Chairman, Andrew Musangi, commended the Bank and its leadership for their sustained resilience and being an advocate for financial inclusion in the sector.

“It fills me with a lot of pride to see Family Bank now competing among the industry’s top players. From starting with a loan of just KES 400,000 to a tier two and speeding to tier one bank, is nothing short of amazing.

With the year-on-year growth trajectory, I implore you to continue to aim for more growth,” he said.

Established as a building society in 1984, Family Bank opened its doors with a vision to empower underserved communities with access to financial services.

“Our mission was simple yet bold: to create a bank that could reach those who were unbanked, offering them a pathway to opportunities and financial empowerment.

We believed in the potential of ordinary people to achieve extraordinary things when given the right support. Today, I am incredibly proud to see how this vision has blossomed beyond what I could have imagined,” said Family Bank Founder T.K Muya

From providing accessible loans to smallholder farmers, Micro, Small and Medium Enterprises (MSMES) and individuals to pioneering mobile banking services, Family Bank has continually evolved to meet the needs of its clients.

Family Bank Chief Executive Officer Nancy Njau reflected on the Bank’s remarkable journey of growth, innovation, and commitment to financial inclusion.

“Over the past 40 years, Family Bank has transformed from a building society into one of Kenya’s most trusted financial partners.

We have been at the forefront of driving inclusive economic growth and development in Kenya for the last four decades.Our journey has been one of transformation and impact.

We stand as a key player in Kenya’s financial services sector, offering innovative banking solutions that enable economic progress, especially for MSMEs which represent 80 per cent of our customer base.

This milestone is not only a testament to the trust and loyalty of our customers but also to the dedication of our employees, and our unwavering commitment to driving financial access and innovation, “ she said.

Family Bank has expanded its branch footprint from one branch to 95 branches across 32 counties in Kenya, proudly serving over 1.7 million customers with a total asset base of KES 158.3 billion and a deposit base of KES 119 billion as of 30 June 2024.

“As we look to the next 40 years, there are no limits to innovation. The future is shaped by AI, big data, digital transformation, ESG values, ecosystem banking, innovation, and strategic partnerships.

At Family Bank, these are our core priorities, and our goal is to evolve into a one-stop financial hub for our customers,” said Family Bank Chairman Lazarus Muema.

As part of its commitment to technology-driven solutions over the years, Family Bank pioneered digital banking in Kenya by introducing smart card technology, launching mVisa across Africa, and innovating the mobile banking app, PesaPap, which processes over 90 per cent of the Bank’s transactions. These solutions have revolutionized customer experiences by making banking more accessible and convenient.

In attendance during the gala dinner event was also the Former Family Bank Chairman Dr. Wilfred Kiboro, Family Bank Board Directors, Executive Committee, staff and The Family Group Foundation Board Directors.