Family Bank Limited has announced the appointment of a new chairman of board of directors. In a statement on May 24, the bank named Architect Francis Gitau Mungai as the incoming chairman of the board of directors.
Francis will succeed the long-serving Chairman Dr. Wilfred Kiboro who is set to retire during the upcoming Annual General Meeting of the Company.
“Architect Francis Gitau Mungai has been appointed as the new Chairman of the Board of Directors of Family Bank Limited subject to regulatory approvals,” the bank said in a statement.
Arch. Gitau Mungai has been a member of the Family Bank Limited Board since 2016 and has held the position of Vice-Chairman for the past two years.
He is the Founding Partner of Aaki Consultants, Architects, and Urban Designers, and has held positions with prominent firms such as Triad Architects in Nairobi and Urban Innovation Group (UIG) in Los Angeles.
According to Family Bank, Gitau’s leadership is evident in his roles as Chairman of various boards, including the National Housing Corporation, the Architectural Association of Kenya (AAK), and the Kenya Private Sector Alliance (KEPSA) Building and Infrastructure.
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Additionally, he has lectured at the University of Nairobi’s Architecture and Building Sciences Department and currently serves on the Governing Council of the Presbyterian University of East Africa.
Arch. Gitau Mungai earned a master’s degree in architecture from the University of California, Los Angeles (UCLA) and a Bachelor of Architecture degree with First-Class Honours from the University of Nairobi.
He is a Fellow of the Architectural Association of Kenya (FAAK) and is registered with the Board of Registration of Architects & Quantity Surveyors (BORAQS) in Kenya.
Dr Wilfred Kiboro’s Tenure at Family Bank
Dr. Wilfred Kiboro has been the Board Chairman of Family Bank since 2012.
Under his leadership, Family Bank saw significant growth and transformation.
He championed customer-centric initiatives, driving the bank to win several accolades in customer excellence.
He also led the digital transformation of the bank, resulting in 90% of the bank’s transactions becoming digital and the establishment of Pesapap Digital Limited to enhance digital offerings.
Dr. Kiboro’s tenure saw the bank’s network expand from 68 branches to 95 branches by 2024.
He successfully navigated the bank through challenges such as the COVID-19 pandemic and the 2016 banking sector crisis.
The bank issued two corporate bonds, raising Ksh 2 billion in 2015 and Ksh. 4 billion in 2021.
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Family Bank’s assets grew from Ksh. 31 billion in 2012 to Ksh. 142 billion in 2023, with profitability rising from Ksh. 561 million in 2012 to Ksh. 2.5 billion in 2023, and the balance sheet reaching the $1 billion mark.
Dr. Kiboro also played a significant role in sustainable social investment through the Family Group Foundation, focusing on education, health, agriculture, youth empowerment, and entrepreneurship development.
He has overseen initiatives in green building technologies, ICT, agribusiness, WASH, environmental conservation, and sports talent nurturing through the sponsorship of the Family Group Eldoret Half Marathon.
The Bank and Management of Family Bank Limited expressed their gratitude for Dr. Kiboro’s contributions and wish him well in his retirement and future endeavours.
“The Bank and Management of Family Bank Limited are grateful for Dr. Kiboro’s contribution and wish him well in his retirement and future endeavours,” the statement read.
