Family Bank has called a virtual Extraordinary General Meeting (EGM) on 27th October 2025, seeking the approval of shareholders to list its shares at the Nairobi Securities Exchange (NSE). The board is seeking to complete regulatory and procedural steps for the listing. Family Bank has settled for listing by introduction.
The listing is expected to mint a new crop of millionaires in Kenya, mainly in the founder’s family. The 83-year-old Titus Muya, the founder of Family Bank Group and who controls 5.6% shares of the bank, or 73,408,502 shares, will see his worth in the business stand at KSh 1.2 billion, upon listing of the business.
Muya’s son, Brian Muya Kiondo, with 33,448,788 or 2.6% ownership, will have KSh 553.2 Million of the bank same as his sisters Ann Muya and Sheila Kahaki Muya. The Muya family’s matriarch, the late Rachael Njeri Muya, whose estate holds a 12.8% in the bank or 167,143,948 shares, will will have estimated KSh 2.8 billion in the bank.
Together, the Muya Family worth is figured at some KSh 5.7 billion, based on the estimated valuation of Family Bank share price of KSh 16.54. Daykio Plantations, a real estate firm founded by Titus Muya, also stands to see its wealth grow to KSh 2.8 billion, when Family Bank is listed.
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Other beneficiaries of the listing include some unnamed individuals holding nominee accounts, Mark Keriri with 33,448,788 shares or 2.6% shareholding and Jane Wangui Karumi also with 33,448,788 shares or 2.6% stake. The Family Bank group had a balance sheet size of KSh 174.0Bn and a deposit base of KSh 132.3Bn as of 31st March 2025.
The lender was the first bank in Kenya to introduce paperless banking using smart card technology, mobile banking, under PesaPap. Additionally, it became the first bank in Africa to launch the mVisa service, underscoring its commitment to delivering seamless and accessible financial solutions.
Established as Family Building Society in 1984, Family Bank has grown from a single branch in Kiambu in 1985 to a network of 95 branches nationwide, spanning 32 counties in Kenya (the 8th largest bank in Kenya, based on its branch network as of 2024).
In 2024, Family Bank had over 1.2m customers, 6,000 bank agents, and 75,000 merchants across Kenya. Family Building Society was converted to a fully-fledged commercial bank in 2007. The Group’s subsidiaries include Family Bank Bancassurance Intermediary Limited, PesaPap Digital Ltd and Family Group Foundation.
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