Family Bank has expanded its branch network to 91 with the opening of a new branch at Wangige market bringing its services closer to the ever-growing micro, small and medium-sized customer base.
The new Wangige branch targets traders operating in the famous Wangige market, one of the largest markets in East Africa. It also seeks to serve schools and universities, transport and infrastructure professionals, large and small-scale farmers as well as the business community in Wangige and its environs.
“We are glad to officially open our doors in Wangige today marking our 91st branch across 37 counties and the 13th branch in Kiambu County. We are also happy to note that Family Bank is among one of the two banks that the government will work with for the SME Fund, a vote of confidence in the Bank’s efforts towards supporting micro, small and medium-sized businesses,” said Family Bank CEO Rebecca Mbithi.
The potential of Wangige and the larger Kiambu County cannot be underscored with the construction of the Nairobi Western Bypass Highway, a planned road that will connect Kikuyu town to the town of Ruaka, both in Kiambu County.
“We are very proud of Family Bank for coming to Kiambu County at such a timely season when we are laying out plans for Wangige in terms of buildings, markets, bus parks, among other infrastructure projects. Coming to open this Wangige branch shows the need for economic empowerment for our people. As a county, we are committed to not only support Family Bank but also support the business community in Kiambu,” said Kiambu County Governor James Nyoro.
This comes after the lender on Friday last week reported a 58% increase in profit after tax to Ksh1.1 billion compared to Ksh705 million reported at the same period the previous year.
The lender is the only listed lender to have reported an increase in profitability during the period under review as all other banks caught a cold from the virus.
At the end of September 2020, the lender’s balance sheet had fattened to Ksh90.2 billion up from the Ksh79 billion keyed in September 2019.
Strategic Partnerships
During the release of the financial results, Ms. Mbithi announced that Family Bank has signed some key strategic partnerships that have positively impacted customers during the course of 2020.
They include a financing deal with Wellwise Solutions benefitting SMEs in the health sector seeking financing.
Family Bank also signed a partnership with Performeter Agribusiness Limited setting aside Ksh1 billion to fund fodder production for dairy farmers in cooperatives.
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