Kenya’s Family Bank opens its latest branch in Eastleigh business hub, Nairobi

KENYA  – Family Bank Kenya Limited has expanded its branch network to 92 across 37 counties in Kenya with the opening of a new branch in Eastleigh, bringing its services closer to one of the country’s fastest-growing business hubs.

“Eastleigh has been a key strategic focus for our business and today marks the official opening of Family Bank Eastleigh branch, our 92nd branch countrywide. Eastleigh hosts various micro, small, and medium-sized businesses that are a key driver to the Country’s economic recovery during this pandemic,’’ said Family Bank CEO, Rebecca Mbithi.

“As a Bank, we continue to offer value beyond banking services and cushion MSMEs as we seek to build sustainable businesses and fuel the growth of the economy,” added Rebecca Mbithi.

Speaking during the launch Family Bank Chairman Dr. Wilfred Kiboro assured the business community of Family Bank’s support during this economy recovery period.

“We are a bank that listens to the needs of our diverse customers and as the business community here in Eastleigh recovers from the broken supply chain as a result of COVID-19 pandemic, we assure you of our support through our differentiated customer experience, “said Dr. Kiboro.

“Eastleigh hosts various micro, small, and medium-sized businesses that are a key driver to the Country’s economic recovery during this pandemic’’

Rebecca Mbithi- CEO, Family Bank Kenya

Family Bank Eastleigh seeks to serve a diverse customer segment of micro, small and medium-sized businesses operating in Eastleigh which is said to have the highest density of traders second to the Nairobi Central Business District.

“One of our sources of growth as a constituency come from investors like Family Bank. This is a true testament of the private sector empowerment needed by providing local jobs and creating wealth. We are committed to not only support Family Bank but also support the business community in Kamukunji Constituency,” said the  Member of Parliament for Kamukunji Constituency Hon. Yusuf Hassan Abdi.

The expansion comes after Family Bank recently opened its 91st branch in Wangige, also in Nairobi.

The mid-tier Kenyan lender posted Family Bank has posted US$12.8 million Profit Before Tax for the nine months ending September 30, 2020.

Customer deposits grew by 15.2 per cent to US$634 million while the loan book grew by 14.9 per cent compared to the same period in 2019 closing at US$518 million with total assets growing by 13.7 per cent to US$820.8 million compared to US$721.2 million during the same period last year.

Earlier in the year, the CEO said that Family Bank had signed some key strategic partnerships that have positively impacted its customers.

These she said included 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 US$9.14 million to fund fodder production for dairy farmers in cooperatives.

Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy and more. SUBSCRIBE HERE

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.