Family Bank received a major boost from the European Investment Bank thorough a negotiated facility that has seen the EIB inject 2 Billion to boost the bank’s lending capacity. The money will accelerate the bank’s program for growth and strategic expansion.
Signing up for the facility, the bank’s managing director Mr. Peter Munyiri said that the move by the European Investment bank shows the level of confidence that the multi-national institution has in the leadership and management of the bank. Mr. Munyiri noted that their joining family bank could not have come at a better time in the history of this bank. Family bank is the fastest growing bank in the country as evidenced by the last quarter’s financial results where the bank posted a 132% leap in profits before tax.
The bank’s Chairman, Mr. Wilfred Kiboro urged entrepreneurs to take advantage of the fund and borrow from the bank to develop their businesses. The fund will be available to small and medium enterprises in the country.
Loans will be disbursed ranging between Ksh.10, 000 and Ksh.50, 000 and will be payable within one to seven years depending on the customers borrowing and repayment capability. The bank will exercise caution when lending this money to minimize default rate. To achieve this, the bank will provide financial literacy to the borrowers before disbursing the loans.
Since last year, the bank has been on the fore front in establishing various partnerships and initiatives that are positively impacting its growth strategies. Towards the end of last year, the bank partnered with Paynet Group, a partnership that will make it the first bank in the region to issue all its customers with the high security, multi-function chip and pin cards. The bank also signed a partnership with PesaPoint to increase their ATM network especially in areas where the bank does not have branches. Lastly Family Bank partnered with Kenya Power making all Family Bank branches and ATMS EasyPay service points. These partnerships are geared towards achieving high levels of customer satisfaction and service to the Family Bank customers.