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Family Bank Limited, one of the country’s fastest-growing mid-tier lenders founded by Kenyan tycoon Titus Kiondo ‘TK” Muya, has called an Extraordinary General Meeting at the end of this month to decide whether to move forward with a long-awaited listing on the Nairobi Securities Exchange.
The virtual meeting is scheduled for Oct. 27, according to a notice issued Tuesday. Shareholders will be asked to ratify a plan to list all issued ordinary shares on the NSE by way of introduction. The agenda includes approval of special resolutions, tabling of proxies, and authorization of the board to complete regulatory filings and other steps required for the listing.
“This has been TK’s dream,” Board Chairman Lazarus Muema said earlier this year when the plan was first announced. “Our founder has been waiting for this moment.” The bank has set 2026 as its target year for debuting on the exchange.
Growth driving listing push
Family Bank’s decision comes after years of steady expansion and strong investor interest. In 2021, the bank raised Ksh 4.4 billion ($34 million) from a corporate bond that was oversubscribed by 147 percent, exceeding the initial Ksh 3 billion ($23.2 million) target.
Chief Financial Officer Paul Ngaragari told investors earlier this year that the bank’s capital adequacy ratio had slipped to 15.8 percent in March from 16.5 percent, though still above the 14.5 percent regulatory minimum. “What does that mean to investors? It points to an opportunity,” Ngaragari said. “Our business is growing faster than our capital adequacy ratio.”
The bank’s assets grew to Ksh192.7 billion ($1.5 billion) by June 2025, compared with Ksh 174 billion ($1.3 billion) three months earlier and Ksh 158.3 billion ($1.2 billion) a year ago. Profit after tax for the first half of the year jumped nearly 39 percent to Ksh 2.3 billion ($17.6 million).
Muya’s legacy and vision
Muya founded Family Bank in 1984 as a building society to provide affordable services to small businesses and underserved communities. Later, it developed into a commercial bank with a Central Bank of Kenya license.
Today, Family Bank operates 95 branches in 32 counties, giving it the fourth-largest footprint of any lender in the country. It serves more than 1.2 million customers through digital tools such as the PesaPap mobile app, alongside 6,000 agents and 75,000 merchant partners nationwide.
Muya, who retains a 5.6 percent stake amounting to 73.4 million shares, served as CEO until 2006 and later as non-executive chairman. Through companies like Daykio Plantations, Kenya Orient Insurance, and Orient Asset Managers, he has initiatives in the insurance, real estate, and agricultural sectors in addition to banking.
Next steps
Last month, Family Bank announced plans to raise Ksh 6.2 billion ($48 million) through a private placement ahead of the NSE listing. If shareholders give their approval this month, the bank will move forward with regulatory filings and preparations for its public market debut.
For Muya, who built the lender from scratch four decades ago, the listing would mark the culmination of a lifelong ambition.
