Family Bank has empowered communities, fostered economic growth and championed financial inclusion in Kenya for forty years, helped by pioneering mobile banking services and providing accessible loans to individuals, Micro, Small, and Medium-Sized Businesses (MSMES), and smallholder farmers.
Established as a building society in 1984, the lender opened its doors with a vision to empower underserved communities with access to financial services.
“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 Sh400,000 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,” the Central Bank of Kenya Chairman, Andrew Musangi, said during the anniversary gala dinner celebration.
As the lender celebrates 40 years of transforming lives and driving economic growth in Kenya, it is also at the forefront of driving inclusive economic growth and development in Kenya, and an advocate for financial inclusion in the sector.
“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,” Family Bank Founder Titus K Muya, said.
Family Bank has expanded its branch footprint from one branch to 95 branches across 32 counties in Kenya, serving over 1.7 million customers with a total asset base of Sh158.3 billion and a deposit base of Sh119 billion as of 30 June 2024.
The bank’s Chief Executive Officer Nancy Njau noted that the Bank’s continuing focus on innovation, and commitment to financial inclusion, has contributed significantly to growth 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,” Ms Njau pointed out. “Today, 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.”
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.
“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.
The gala dinner event was also attended by the Former Family Bank Chairman Dr. Wilfred Kiboro, Family Bank Board Directors, Executive Committee, staff and The Family Group Foundation Board of Directors.
