Bank Review: Family Bank— Everything you need to know

Bank Review: Family Bank— Everything you need to know

Family Bank is a commercial bank that offers banking and insurance products to individuals, small businesses, and Kenyans in the diaspora.  

With 1.7 million customers, 90 branches across Kenya, and a suite of online channels, Family Bank is one of the most popular banks in Kenya.

This article covers the products offered by Family Bank and their benefits, how to access Family Bank’s products, and how to send money to MPesa with Family Bank.

History and importance of Family Bank

Family Bank was founded by Titus K. Muya in 1984. The bank started as the Family Finance Building Society Limited (FFBSL), a financial institution focused on providing financial services to Kenya’s unbanked population.

Titus K. Muya, popularly known as TK, served as the company's founding chairman and CEO for the first 23 years of its existence. He stepped down as the CEO in 2006 and became the bank’s head of directors till December 2012.

After Family Bank gained its banking license from The Central Bank of Kenya in 2007, the bank focused on expanding its reach and service. In 2010, the bank expanded into the insurance business through its subsidiary- Family Bank Insurance Agency Limited (FBIA).

Family Bank has invested in Kenya’s social and economic growth. In 2012, Family Bank partnered with Kenya Orient Insurance Limited (KOIL) and Daykio Plantations Limited (DPL) to create a foundation that sponsors students in High school.

The foundation was named The Family Group Foundation and it has sponsored the high school education of over 535 students in Kenya.  

The current CEO of Family Bank is Rebecca Mbithi. Since 2019, she has used her background and experience in law, project finance, and corporate restructuring to guide Family Bank’s growth.

Types of products offered by Family Bank

Family Bank offers products and services to individuals and businesses of all sizes. These products are grouped into 5 main categories: personal banking, business banking, loan products, insurance, and diaspora banking.

Personal banking

These are savings accounts suited for individuals living in Kenya. Personal accounts can be used to save money, pay bills, and make local transactions in Kenya. Some of Family Bank’s personal banking products are:

Salary account

A Family Bank salary account is for people that are employed and earn a monthly income. Account owners can use their Family Bank salary account to apply for a salary advance from the bank. Salary accounts can also be accessed with any of Family Bank’s online channels.

How to open a Family Bank salary account

You need the following documents:

  • The original and a copy of your national ID card or passport
  • KYC documents i.e bank statements, utility bills, etc

To open a salary account, simply download the account opening form here, fill out the form, and visit a Family bank branch near you.

Personal Current account

A Family Bank Personal current account is suited for businesses and individuals that withdraw and deposit money frequently.

It can be operated with a chequebook, debit card, and any of Family Bank’s online channels. Personal current account holders can also access loans, insurance and withdraw money without limits.

How to open a Family Bank Personal current account

You need the following documents:

  • An initial deposit of any amount
  • The original and copy of a National ID or passport. Joint current account holders need to provide individual copies of their National ID or passport.

To open a personal account, simply download the account opening form here, fill the form, and visit a Family bank branch near you.

Mwananchi account

A Family Bank Mwananchi account is suitable for businesses. Mwananchi accounts can be used to process salaries, pensions, agricultural payments, dividends as well as business proceeds.

Although a Mwanachi account needs to be opened with an initial deposit, owners can access loans and insurance benefits from Family bank.

How to open a Mwananchi account

You need the following documents/requirements:

  • An initial deposit of any amount
  • The original and copy of a National ID or passport. Joint current account holders need to provide individual copies of their National ID or passport.

To open a Mwananchi account, simply download the account opening form here, fill the form, and visit a Family bank branch near you

Other types of Family Bank’s personal banking products are Scholar account,  Mdosi Junior account, Tujenge account, Extra-cool visionary account, and Maestro visionary account.

Business banking

These are savings and investment accounts offered to businesses, corporations, and NGOs, in Kenya. Business banking accounts can be used to deposit large amounts of money, pay for services, and manage the business's daily financial transactions. Some of Family Bank’s business banking products are:

Business current account

Business current accounts are for businesses and organisations that deposit and withdraw money frequently. Business current account holders do not need to notify the bank before moving money. The account also gives businesses access to Family Bank’s loans and facilities.

How to open a Family Bank business current account

You need the following documents:

  • The original and copy of the business registration certificate and memorandum
  • The original and copy of the applicants' ID or passport
  • The original and copy of all the business partners/directors' KRA PIN certificates
  • A minimum amount of  KES 10,000 ($85.72) for registered businesses
  • A document outlining the directors’ resolution to open a Family Bank business current account
  • A reference form filled by a Family Bank account holder or a 3 months account statement from another bank
  • Limited/Private Companies also need to provide the original and copy of their Certificate of incorporation

Simply download the needed forms and documents here and visit a Family bank branch near you.

NGO Miradi Account

An NGO Miradi account is for non-profit organisations, diplomatic missions, trusts, and charities operating in Kenya. Miradi accounts do not incur money handling and transfer bank fees and they also have access to relationship and treasury managers.

How to open an NGO Miradi account

Qualified groups and institutions need the following documents:

  • A certified copy of the institution's constitution, rules, or by-laws
  • A certified copy of the NGOs certificate of registration or exemption certificate
  • A Certified copy of the board resolution to open a Family bank account
  • A list of the institution’s registered officials, copies of their National IDs or passports, passport photographs, and PINs
  • A copy of the organisation's utility bill/tenancy agreement
  • The company’s PIN
  • An introduction letter signed and stamped by the NGO coordination board

Simply download the needed forms and documents here and visit a Family bank branch near you.

Jenga Bizna

A Jenga Bizna account is a business current account for traders and entrepreneurs. Jenga Bizna accounts earn interest (at a rate determined by the bank) once Kes. 20,000 ($171.45) or more has been deposited in the account. Account owners also have access to microloans from the bank.

How to open a Jegna Bizna account

You need the following documents:

  • A national ID/passport or a business registration certificate
  • KYC documents i.e. utility bills, bank statements, etc.

To open a Jegna Bizna account, simply download the account opening form here, fill the form, and visit a Family bank branch near you with the filled form and documents.

Business Chama investment

A Business Chama investment account is for cooperative societies, formal and informal savings groups. Chama account members enjoy special benefits like fast loan processing, international trips, and express counter services from Family Bank. Family Bank does not charge monthly fees on the account.

How to open a Business Chama investment account

Qualified groups and institutions need the following documents/requirements:

  • Self-help groups must be registered with Social Services
  • A copy of the group’s certificate of registration and constitution
  • The National ID cards/Passports & PIN Certificates of the group’s representatives
  • A signed copy of the minutes for the meeting where a resolution to open an account with Family Bank was discussed
  • Registered groups must present  the Group’s incorporation certificate, memorandum & Articles of Association, and the company’s PIN certificate

Other types of Family Bank’s business banking products are church accounts and collection accounts and call & fixed deposit accounts

Family Bank’s loan services

Family Bank offers loans to individuals and businesses that can be used to pay bills or finance housing projects. Some family bank loan products are:

Salary Loan

Salary loans are available to Family Bank account holders with a regular source of income. They have a monthly repayment period of up to 24 months and the bank does not charge late payment fees. Salary loans are only available to employees with Family Bank salary accounts.

You can apply for a salary loan at a Family Bank branch near you or with Family Bank’s online channels.

Check-Off Loan

Check-off loans are uncollateralized loans that are available to employees whose employers have an MOU agreement with Family bank. A maximum of KES 3 million($25,717.30) can be borrowed and the repayment period can be stretched to 72 months.

Requirements

  • Loan applicants must properly fill 3 copies of the check-off loan application form
  • Applicants must present their payslip and bank statements from the last three months
  • Applicants must present 3 copies of a new-generation ID card and 2 recent passport photographs
  • Applicants must submit a copy of their KRA PIN certificate

You can apply for a check-off loan at a Family Bank branch near you.

Plot Loans

Plot loans are for individuals or businesses that want to lease or purchase land for future development

Requirements

  • A copy of the property’s title deed
  • A Copy of the individual or business directors’ National ID or KRA PIN certificate Valid sale agreement or letter of offer from the seller
  • Individual applicants must present their payslip and bank statements for the last 3-6 months
  • Individual applicants must present a letter from an employer confirming their employment status
  • One passport size photograph

You can apply for a plot loan at a Family Bank branch near you.

Mobile Loan

Family Bank users can access quick loans via a USSD code or the bank’s PesaPap app. The loans are valid for a maximum of 30 days and they have an interest rate of at least 6.62%.

How to access Family Bank’s mobile loans

Simply dial *325# on your mobile phone and follow the prompts on your screen OR

  1. Download the PesaPap mobile app from the Playstore or Appstore
  2. Navigate to the PesaPap wallet menu and tap Select My Loans
  3. Tap Request Loan
  4. Check the amount you are allowed to borrow
  5. Enter the amount you want to borrow and your MPIN
  6. Tap Submit

Other types of Family Bank’s personal loans are  Estate development loans, Owner Occupier, Construction Loans, Company Schemes, and Brick by Brick.

Family Bank’s insurance

Family Bank offers insurance products to individuals and businesses through its Family Bank Insurance Agency Limited (FBIA) subsidiary.

FBIA was licensed by the Insurance Regulatory Authority (IRA) in May 2010. Since then, it has provided the following types of insurance services:

You can view a list of Family Bank’s insurance parter’s here.

Diaspora banking

Family Bank offers products to Kenyans in the diaspora that allow them to save, invest, trade in the stock market, and access loans and insurance products.

Diaspora savings accounts are split into 2: The Mkenya Daima savings account and The Mkenya Daima current account.

Family Bank’s Mkenya Daima Diaspora Savings account allows Kenyan individuals and companies in the diaspora to save and make local transfers in Kenya. It can be opened in KES, USD, GBP, or EUR. A minimum amount of KES 10,000 or its equivalent in other currencies is required to open the account.

A family Bank's Mkenya Daima Diaspora current account is mostly used by individuals and businesses to carry out business transactions while you are abroad. It can be opened in either KES, USD, GBP, or EUR minimum amount of KES 10,000 or its equivalent in other currencies is required to open the account.

Documents needed to open a Diaspora savings account

  • A properly filled and signed account opening form
  • One passport photograph
  • Copies of pages 1,2 and the last page of a Kenyan national ID or valid passport.
  • KYC documents i.e utility bills, bank statements, valid driver’s license,  national social security number, etc. (Utility bills and bank statements must be less than 3 months old)
  • KRA PIN certificate
  • Notarized documentation done by your Embassy & Notary Public, Family Bank agent, or current banker in your country of residence.

How to open a Family Bank Diaspora account

  • Download the account opening form(s) here
  • Fill and sign the account form
  • Upload a scanned PDF copy of the filled form and the required documents to diasporabanking@familybank.co.ke
  • You can also send hard copies of the filled form and the required documents to Family Bank Limited, Diaspora Banking – Family Bank Towers, P O Box 74145-00200, Nairobi, Kenya

How to access Family Bank’s services

Family Bank’s products and services can be accessed via online and offline channels. These channels are:

PesaPap mobile banking

PesaPap is a mobile app developed by Family Bank. With the PesaPap app, you can:

  • Check your account balance
  • Create a savings plan and earn interest
  • Apply for Family Bank loans
  • Pay bills i.e KPLC, KRA Tax, NCC Payments, DSTV, ZUKU, JTL, GOtv, etc.
  • Buy airtime
  • Transfer money to other accounts

The PesaPap app comes with the PesaPap Wallet. To open a PesaPap Wallet, simply dial *325 and follow the prompts OR

  • Download the PesaPap app from the Playstore and Appstore
  • Select Open Wallet account
  • Provide your Full name as ID, ID number, and Mobile Phone Numb

Family Bank PesaPap agents

PesaPap agents are authorised by Family Bank to carry out certain bank activities on their behalf. You can perform the following bank actions at a PesaPap agent store:

  • Deposit and withdraw money
  • Pay bills and make local payments
  • Transfer money to other bank accounts
  • Check your account balance
  • Request for a mini statement

Cards

Family Bank cards work at Family Bank agent stores and ATMs worldwide. The bank also offers VISA debit and credit cards to its customers.

Family Bank's Visa debit cards allow its owners to pay bills and access the funds in their accounts. They are free to use and customers can apply for either a classic or gold debit card.

The bank’s Visa credit card is similar to the debit card, but it comes with a credit line that allows customers to spend and pay back later. Customers can also apply for a classic or gold credit card.  

To get a Family Bank card, simply visit any Family Bank branch near you.

Internet Banking

Family Bank’s internet portal allows Family Bank users to access their Family Bank account anytime. With the bank’s online portal, you can:

  • Make bulk payments including salary remittance, dividend payouts, multiple M-Pesa transfers, etc.
  • Easily transfer money between accounts
  • Access your account 24/7
  • Track your expenses

To use Family Bank’s internet banking, you must have a family bank account and a valid phone number. You can visit the Family Bank online portal Here.

How to register for Family Bank’s online banking

To register for Family Bank’s internet banking, you need to:

  • Visit the family bank online portal
  • Input your Family Bank account name and number
  • Input your government issued ID Number
  • Input the name of the branch you opened the account
  • Input your Telephone number and e-mail Address
  • Input your signatory details

Family Bank cashpoints (ATMs)

You can use Family Bank's ATMs across Kenya to:

  • Withdraw and deposit money
  • Carry out PesaLink transfers
  • Request for salary advance
  • Account balance enquiry
  • Request for mini-statements
  • Change debit card PIN
  • M-Pesa withdrawals

You can find the nearest Family Bank ATM here.

How to use MPesa with Family Bank

You can send money to local and abroad accounts with a Family Bank account. Family bank works with MoneyGram, Sendwave, Airtel Money, SWIFT (FABLKENA) and M-Pesa

How to send money from Family Bank to M-Pesa

Simply dial *325# on your mobile phone OR

  • Login to PesaPap mobile bank app on your Android or IOS device
  • Select M-Pesa
  • Choose the Family Bank to M-PESA option
  • Choose between the ‘To own number’ or ‘To other mobile’ options.
  • Input the required transaction details and submit

How to Send Money from M-Pesa to a Family Bank account

  • Go to Safaricom Menu
  • Select Lipa na M-PESA
  • Navigate to Pay Bill
  • Input Family Bank’s paybill number 222111
  • Input the recipient’s Family Bank account number
  • Input the required transaction details
  • Enter your PIN

Frequently asked questions

What is Family Bank’s paybill number

Family Bank’s paybill number is 222111

What is Family Bank’s USSD code

Simply dial *325# on your mobile phone to access your PesaPap wallet

How can I make a complaint to Family Bank

You can make a complaint by:

  • Filling the customer enquiry form on Family Bank’s website here
  • Calling Family Bank’s 24-hour contact centre on +254 (0) 703 095 445 or +254 (0) 703 095 000.
  • Visiting the nearest Family Bank branch
  • Sending an email to customerservice@familybank.co.ke
  • Kenyans in the diaspora can visit a Family Bank branch or agent in their country of residence here

What is Family bank customer care line

Simply dial 020 3252 445 and 020 3252 000 to speak with a Family Bank customer care agent.

You can also call their 24 hours customer care line on +254 (0) 703 095 445 and +254 (0) 703 095 000.

What is Family bank’s postal address

Postal address: Family Bank Towers, Muindi Mbingu Street, P.O Box 74145-00200, Nairobi, Kenya.

You can find a Family Bank branch or ATM here. Kenyans in the diaspora can reach find Family Bank agents in over 10 countries here.

What is Family Bank’s SWIFT code

FABLKENA

Where can I download the PesaPap app

You can download the PesaPap app from the Playstore or Appstore.

Is Family Bank on social media?

Family Bank is active on Facebook, Twitter, LinkedIn, Instagram, and YouTube.

You can also reach them via their WhatsApp number at +254 (0) 701 325 325.

Conclusion

Family Bank offers savings, investment, and insurance products and services to local individuals, businesses, and Kenyans in the diaspora. Its website is easy to navigate and there are clear instructions on how to sign up and use its product and services.

Family Bank has also made it easy to contact its customer service agents. Although Its online platforms are easy to sign up for, customers have reported a lot of bugs and issues with its mobile app, PesaPap. Visiting a Family Bank branch or using its online portal is still the best way to enjoy the services from the bank.

Sources

https://en.wikipedia.org/wiki/Family_Bank

https://familybank.co.ke/

https://www.zippia.com/family-bank-careers-57563/history/