The Nairobi Securities Exchange achieved its largest private sector listing in 17 years, when Family Bank PLC listed by introduction on 23 June.

The bank listed some 1.66 billion shares – owned by 6,345 shareholders – on the Main Investment Market Segment (MIMS) of the NSE under ticker FMLY. The share price closed on 25 June at KES 22.40, after soaring 44% on the first day of trading to reach KES 26.00. The shares had previously traded on the over-the-counter market since 2006.

The bank had raised KES 8bn through a private placement in 2025, compared to its target of KES 6bn. It remains well-capitalized and did not raise additional funds during the listing.

Lead Transaction Adviser for the listing was Standard Investment Bank (SIB), see the recent SIB press release here. Reporting Accountants were PricewaterhouseCoopers (PwC) and Legal Advisers were Mboya Wangong’u & Waiyaki Advocates.

Discipline, governance, long-term thinking

Nancy Njau, CEO of Family Bank, said: “Today’s listing is more than a capital markets milestone but a testament to the resilience, growth and transformation of Family Bank. For over four decades, we have remained committed to empowering individuals, businesses and communities through accessible financial services.

“Joining the Nairobi Securities Exchange today marks the beginning of a new chapter defined by enhanced transparency, stronger governance and greater opportunities for value creation for all our stakeholders.” She had joined the bank as a management trainee and rose to be its leader, according to this article in Kenyan Wall Street.

Job Kihumba, Executive Director, Corporate Finance & Advisory at SIB, said: “Beyond enhancing the Bank’s visibility and access to capital, the listing provides shareholders with greater liquidity and a transparent platform for value realization. .. We believe the listing positions Family Bank to accelerate its growth ambitions while broadening investor participation in one of Kenya’s leading banking franchises.”

NSE Chairman Kiprono Kittony, who is set to step down on 12 July, said it is a blueprint for Kenyan enterprises: “Family Bank demonstrates precisely what is possible when vision is matched with discipline, proper governance, and long-term thinking.”

Founder Titus Kiondo Muya decided in 1961, age 18, that he would found a bank, he told the listing. He created the Family Finance Building Society in 1984, and converted it into a commercial bank in 2007. Since then it has grown into one of Kenya’s leading financial institutions, focusing on its over 1.3 million retail customers who it reaches through a network of 96 branches and digital banking channels.

It has three wholly owned subsidiaries:

• Family Bank Insurance Agency, a licensed insurance intermediary that provides a insurance solutions, including: life, medical, motor, property, and business-related insurance products to customers across Kenya.
• Family Group Foundation, the corporate social investment arm focused on education, entrepreneurship, financial inclusion, environmental sustainability and community empowerment.
• Pesapap Digital, a technology company that develops digital products to support the group’s innovation strategy and digital financial services.

The last major bank listing on the NSE was in 2008, when Co-operative Bank of Kenya joined the bourse. Equity Bank was also founded as a building society in 1984, converted to a bank and listed by introduction on the NSE in 2006. According to Harry Njuguna, writing in Kenyan Wall Street, “both served low-income and unbanked Kenyans from modest beginnings. Equity today carries assets exceeding KES 1.8trn. Family Bank enters the public market with assets of KES 200bn.”

The NSE had endured a listings drought for some years, according to this article on African Markets website, but in March 2026 Kenya Pipeline Company (KPC) succeeded in Kenya’s biggest initial public offering (IPO) since Safaricom in 2008. The IPO was the sale of a 65% stake in the state-owned company and raised KES 106.3bn. It was heavily oversubscribed despite early concerns over valuation.

The African Markets article also highlights the bank’s very solid recent financial results. “Net profit jumped 55.4% in 2025, a trend that continued into the first quarter of 2026 with a 52.6% rise in after-tax profit to KES 1.6bn, up from KES 1.0bn a year earlier. Shareholders’ funds stood at KES 34.77bn as at March 2026, giving a book value of roughly KES 20.91 per share. This article by David Indeje on website Khusoko also gives useful information.