TK Muya

Who is Family Bank Kenya Founder T.K Muya?

Corporate News

As Family Bank Kenya turns 40 this year, what many people are wondering is who is the founder of Family Bank? Over the years, Family Bank has grown in leaps and bounds with most customers and non-customers alike wondering how the now giant financial institution came to be. Here is a brief on Mr. Titus Kiondo Muya, the man who founded Family Bank in Kenya: 

Who is Family Bank Kenya Founder?

Mr Titus Kiondo Muya, popularly known as TK, is one of Kenya’s most outstanding and visionary entrepreneurs and the founder of several successful businesses spanning the banking, insurance, real estate and agriculture sectors. He is the founder of Family Bank Kenya.

His dream of starting a bank begun in 1961 when he was as a young 18-year-old man. He recalls reading a business article in an international business newspaper which sparked his interest in starting and owning a bank.

After completing his high school studies and securing a job, he remained in the same position for years due to lack of higher education. With such challenges, he wanted to give up on his dream but remained resilient seeing that he was the sole bread winner of his family.

It is at this point he decided to embark on his dream of opening a bank fifteen years later. He was determined to open a bank and would visit the National Treasury every Thursday for four years to follow up on his bank license application. However, his license application was turned down. Determined to make his dream a reality, he was advised to start with a building society to which Family Finance Building Society was born.

 

Family Finance Building Society continued to grow and by 2005 the institution had over 30 branches across the country. In the year 2007 Family Finance Building Society officially converted to a bank after receiving a go ahead from The Central Bank of Kenya. Family Bank is currently the 14th largest bank in Kenya and fourth largest bank in terms of branch network. With 93 branches across the country and an asset base of KES. 130 million.

 

 

Family Bank Kenya Founder Mr. TK Muya. PHOTO/COURTESY

 

At a Glance…

  • Founded by TK Muya in 1984 as Family Finance Building Society Limited.
  • Titus Muya, the former non-executive chairman of Family Bank served as the founding chairman and chief executive officer for the first twenty-three years of the organisation.
  • In the year 2007, it became a commercial bank, following the issuance of a banking license by the Central Bank of Kenya, the country’s banking regulator.
  • Titus Kiondo Muya resigned as CEO of the re-branded Family Bank Limited, to comply with current Kenyan banking regulations
  • He is associated with other companies, including Daykio Plantations Ltd, Kenya Orient Insurance Ltd, Kenya Orient Life Assurance Limited and Orient Asset Managers, among others on whose Boards he sits or is represented in different capacities.
  • TK has also championed social empowerment through education, health and environmental conservation, especially through The Family Group Foundation, which today offers scholarships and mentorship to over 1000 children in all 47 counties. 

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