Kenyan banker Titus Muya gains $12 million as Family Bank shares climb after listing

Kenyan banker Titus Muya, founder of Family Bank, saw the value of his stake in the lender rise by $12 million in the third quarter of 2026, its first full quarter as a company listed on the Nairobi Securities Exchange.

Muya holds 231,858,502 Family Bank shares, directly and through Daykio, giving him about 14% of the bank. Family Bank shares closed at 22.70 Kenyan shillings on July 1 and at 29.40 shillings on Sept. 29, a gain of 29.5%. Billionaires.Africa calculations show the rise lifted the value of his holding from $40.6 million to $52.6 million.

The Kenyan shilling was steady at about 129.7 per dollar through the quarter, so the gain reflects the share price alone.

Family Bank began trading on the Nairobi bourse in June through a listing by introduction, which puts existing shares on the exchange without raising new money. Its 1.66 billion shares opened at 18 shillings each and closed their first day at 26 shillings, a gain of 44%. It was the largest private-sector listing on the exchange in 17 years.

The bank reported its first half-year results as a listed company in August. Profit after tax rose 60.9% to 3.7 billion shillings in the six months to June, from 2.3 billion shillings a year earlier. Its balance sheet grew 23.9% to 238.9 billion shillings.

Muya started the business in 1984 as Family Finance Building Society, which served low-income Kenyans, and it became a commercial bank in 2007. Family Bank now runs 96 branches and serves more than 1.3 million customers. It is led by chief executive Nancy Njau, who joined as a management trainee.

The estate of Rachael Muya holds a further 167,143,948 Family Bank shares. Those rose in value by about $8.6 million in the quarter, to $37.9 million.