Family Bank has agreed to provide credit facilities of up to Sh3-million (Sh=Kenyan Shillings) to private schools in order to assist with funding their acquisition of utility infrastructure. The Bank’s facilities will target ICT infrastructure, access to electricity through solar panels and biogas installations to support e-learning. These credit facilities can also be allocated to PPE related to preventing Covid-19 and other operational expenses. Credit facilities will be repaid over 60-months (5-years) or less, and only private schools that are registered by the Ministry of Education with at least three years in operation will be considered. This financing product can also be used to consolidate existing facilities of private schools.
Family Bank began its operations as the Family Finance Building Society in 1984 with the vision to finance the unbanked population in Kenya. This market segment comprises of millions of small and medium scale enterprises, jua kali artisans, tea, coffee, dairy, grain, fish and sugar farmers, teachers, junior government employees (local authorities and central government), parastatals NGOs and even private organizations. Family Bank has over 1.7million customers with a growing balance sheet, asset base of Sh86.9-billion, equity of Sh12.9-billion, total operating income of Sh4.2-billion and profit before tax of Sh852-million as at 30 June 2020. The banks’ liquidity ratio of 36.6% is well in line with the threshold of 20%.
The bank is majority owned by KTDA Holding Ltd (15.45%), Rachael N. Muya (13.42%), Daykio Plantations Limited (12.36%), Titus Kiondo Muya (5.39%), Standard Chartered Kenya Nominees Ltd (3.73%), PA Securities (3.57%), Kenya Orient Insurance Ltd (2.86%), Julius M. Kiondo (2.69%), Ann Muya (2.68%), Jane Wangui Karumi (2.68%).