Family Bank has marked its 40th anniversary with a celebration of its unwavering commitment to empowering communities, fostering economic growth, and championing financial inclusion in Kenya. Since its establishment as a building society in 1984, the bank has grown from modest beginnings into one of Kenya’s top financial institutions, shaping lives and communities along the way.
During the anniversary gala dinner, Central Bank of Kenya Chairman Andrew Musangi lauded Family Bank’s resilience and transformative role in the financial sector.
“It fills me with pride to see Family Bank now competing among the industry’s top players. From starting with a loan of just Ksh.400,000 to becoming a Tier 2 and now heading towards a Tier 1 bank is nothing short of amazing. With this year-on-year growth trajectory, I implore you to continue striving for greater milestones,” Musangi remarked.
A Bold Vision for Financial Inclusion
Founded with the mission to empower underserved communities, Family Bank was the brainchild of T.K Muya. Reflecting on the institution’s legacy, Muya shared,
“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. Today, I am incredibly proud to see how this vision has blossomed beyond what I could have imagined.”
Over the years, Family Bank has pioneered financial services tailored to smallholder farmers, Micro, Small, and Medium Enterprises (MSMEs), and individual clients. These efforts have been complemented by innovative offerings like mobile banking, making financial services more accessible across Kenya.
Growth and Transformation
Family Bank Chief Executive Officer Nancy Njau reflected on the bank’s transformative journey, emphasizing its impact on Kenya’s economic growth.
“Over the past 40 years, Family Bank has transformed from a building society into one of Kenya’s most trusted financial partners. MSMEs represent 80 per cent of our customer base, and supporting them remains our core focus,” Njau said.
Today, Family Bank boasts 95 branches in 32 counties, serving over 1.7 million customers with a total asset base of KES 158.3 billion and deposits totaling KES 119 billion as of June 2024.
Pioneering Innovation
Family Bank has a rich history of technological innovation, introducing smart card technology, mVisa, and the mobile banking app PesaPap, which now processes over 90 per cent of the bank’s transactions. These advancements underscore its commitment to enhancing customer experiences through technology-driven solutions.
A Future Shaped by Innovation
Looking to the next 40 years, Family Bank Chairman Lazarus Muema shared the bank’s vision:
“The future is shaped by AI, big data, digital transformation, ESG values, and strategic partnerships. At Family Bank, we aim to evolve into a one-stop financial hub for our customers.”
The gala dinner brought together industry leaders, Family Bank’s Board of Directors, staff, and stakeholders to honor the bank’s achievements and reaffirm its commitment to financial inclusion and innovation.
As Family Bank embarks on its next chapter, its legacy of empowering communities and driving economic transformation remains at the forefront, serving as a beacon of hope and progress for millions across Kenya.
