Family Bank Limited has announced a new appointment to its board of directors. In a statement on November 6, 2024, the bank announced that it has appointed Lazarus Muema as the incoming chairman of the board of directors.
Muema joined the Family Bank Board in 2017 and has been serving as a Non-Executive Director for the last seven years.
During this period, he has chaired various board committees including the Board Strategy Committee, Board Audit Committee and Board Risk Committee.
“Family Bank Board of Directors has appointed Mr. Lazarus Muema as the new Chairman following regulatory approval,” the statement reads.
The new board chairman holds a Bachelor of Commerce degree in accounting from the University of Nairobi (UoN) and is a Certified Public Accountant (CPA(K)).
Lazarus Muema
Muema is a seasoned professional with over 30 years of expertise in finance, insurance and pensions.
He is the Founder of Penplan Services Limited, a pension consulting firm and has built a distinguished career with key roles across the finance sector.
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These include Finance Manager roles at Shell Exploration in Kenya and Shell Uganda, Financial Controller at Kenya Shell, Finance Advisor at Shell International in London and Pensions Investment and Policy Advisor for Shell Africa.
Also, Muema is actively engaged in various roles in other boards within the industry.
He currently serves as Board Chair at Riscura Solutions (Kenya) Limited and NBCI Limited and is a Board Member of Kenya Orient Insurance Limited.
His leadership experience further includes past roles as Chairman of the Association of Retirement Benefits Schemes of Kenya, Bright Technologies Limited, and Nanga Investments Limited.
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Family Bank said that Muema will contribute to the vision and strategic growth of Family Bank, which is the fourth largest bank in Kenya in terms of branch network with 95 branches across 32 counties.
The Bank has over 750,000 customers, 4,900 bank agents, and over 8,000 merchants countrywide with total assets of KES.158.3 billion and a deposit base of Ksh119 billion as of 30 June 2024.
Family Bank board awards and board changes
Earlier this year, Family Bank won the Excellence in Customer Responsiveness award at the Innovation & Excellence Awards in East Africa.
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It was also voted as the third-best overall bank, and the best tier-two bank for the fourth year running in the Kenya Bankers Association Customer Satisfaction and Digital Banking Experience 2023 Survey.
The new Family Bank board appointment notably comes following the exit of long-serving chairman Dr. Wilfred Kiboro who left the Bank earlier this year after retiring.
Until his retirement, Kiboro had been the chairman since 2012, with the bank recording significant growth and transformation under his leadership.
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