Nairobi, Kenya, February 26 2014 – Family Bank, Kenya Orient Insurance and Daykio Plantations have formed a partnership establishing The Family Group Foundation which will invest Ksh 100million to support programs in the areas of health, agribusiness, education and entrepreneurship.
The Foundation was officially launched today and 160 scholars of the secondary school scholarship program commissioned by Cabinet Secretary for Treasury, Mr. Henry Rotich on behalf of H.E Deputy President of the Republic of Kenya, Hon. William Ruto.
The Foundation has enabled top performers in the Kenya Certificate of Primary Education 2012, 2013 and 2014 get scholarships which covers for tuition and boarding fees for four years of secondary education. There is student mentorship program that provides leadership and life skills training.
A recent World Bank report confirmed that financing mechanisms such as scholarships are key to retaining youth in secondary school
The Chairman of the Foundation – Mr. Wilfred Kiboro observed that the Foundation leverages its sponsors’ infrastructure to reach to marginalized communities in its health and education interventions.
“As a foundation we seek to make targeted and effective interventions for the most vulnerable members of the family. We aim to address the critical needs of those in the bottom of the pyramid in the areas of education, health, agribusiness and entrepreneurship – to help them exploit and achieve their full potential’’, said Mr. Kiboro who is also the Chairman of Family Bank.
Mr. Kiboro added that the number of beneficiaries would increase from 80 to 300 annually over the next three years.
The Foundation’s Executive Director, Annie Muya says whereas a large number of students have access to primary schools, many are those unable to transit to high schools due to financial constraints.
“We are increasing access to education for poor families through scholarships and transformative mentorship’’, says Ms. Muya. The beneficiaries attend both county and national schools.
“Education not only helps individuals escape poverty by developing the requisite skills needed to improve livelihood but also generates productivity gains that fuel economic growth. This way it ensures that benefits of growth are fairly shared’’, says Mr. Peter Munyiri, CEO, Family Bank.
Notes to Editors
About The Family Group Foundation
The Foundation was established in October 2012 by the Family Group of companies which include the Family Bank Limited, Kenya Orient insurance and Daykio Plantations.
Over the last 25 years, FBL, KOIL and DPL have benefited from the growth of the Kenyan economy in the finance, insurance and real estate sectors, respectively. It became evident to the leadership of these institutions that as the businesses thrived, many families in the community were struggling and vulnerable to the vicissitudes of life. Some of these challenges include unequal access to education, health and financial services.
About Family Bank
Family Bank converted into a fully-fledged bank in May 2007. It started as a building society under the name Family Finance Building Society in October 1984 in Kenya and commenced operations in the early 1985. From only one branch in 1985, Family Bank has grown over time and currently enjoys a network of over 72 branches countrywide. Family Bank was the first bank in Kenya to introduce paperless banking through smart card technology that enables customers to transact without having to fill in deposit or withdrawal slips
About Kenya Orient insurance
The company was incorporated in 1982 by the Al-Fateem Group of Dubai and later changed hands in 1988 when it was acquired by Kenyans. KOIL is registered under the Insurance Act of Kenya and is authorized to underwrite all classes of General Insurance Business.
About DayKio Plantations
It is a real estate development company with three high end modern apartment complexes and a state of the art commercial building near completion.