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Nairobi, May 7, 2007: Family Bank has received Kshs 560 million from PTA Bank for ICT modernization, product enhancement and branch expansion.
Mr. Samuel Wainaina, the Family Bank Chief Executive Officer and Dr. Michael Gondwe, the President of the PTA Bank signed the facility agreement.
Mr. Wainaina said the funds will be used in growing and expanding the branch network and to offer a richer product portfolio to existing customers and the under-banked besides upgrading its core banking software.
‘’The PTA Bank funding will be useful in achieving our mission of transforming peoples lives by offering banking services to marginalized markets and empowering the small and medium enterprises grow their businesses by offering market led products’’ said Mr. Wainaina.
On his part, Dr. Gondwe said that the PTA Bank, as a regional development financial institution would continue partnering with Family Bank in expanding its operations not only in Kenya but also throughout the region.
“Our coming on board for this transaction was driven by the absolute faith we had that this Bank will soon become a leading locally owned institution that will play a key role in the growth of Kenya’s banking industry” said Dr. Gondwe.
He added that by financing Family Bank’s conversion process, the PTA Bank was “living our mandated role of helping businesses to grow thereby leading to employment creation and economic prosperity”.
Dr. Gondwe said his bank was delighted to partner with growing indigenous institutions and will support Family Bank achieve its aim of offering affordable, accessible and convenient banking services across the country.
‘’We identify with Family Bank’s aspirations and that is why we are entering into this partnership that allows Family Bank to enhance its service delivery’’ said Dr. Gondwe.
Mr. Wainaina said the partnership with PTA Bank will enable Family Bank acquire a robust core banking software that will provide a platform to introduce technology led products like internet and SMS banking and the capacity to handle growth in customer numbers.
‘’We will use part of this credit to enhance our core banking so that we are able to anticipate and meet client needs in good time using next generation ICT software’’ said Mr. Wainaina during the signing ceremony.
The Family Bank Chief Finance Officer Mr. Njung’e Kamau said that the PTA Bank support will be exclusively used in enhancing service delivery as the bank starts to offer additional services after conversion.
‘’The funds will enable us to develop new products and offer more customized services to our customers’’ said Mr. Kamau.
Family Bank, which converted to a fully-fledged commercial bank, has indicated that it will not increase its charges to customers and will only review its product offering to meet their changing needs.
Mr. Wainaina said the conversion from a building society was seamless and its customers were now enjoying one stop banking.
‘’We kept our promise. We converted on the communicated date without any service interruption and we did not review our tariffs’’ said Mr. Wainaina.
PTA Bank provides financial resources to both public and private sector projects in financial services, manufacturing, agro–industry, service, mining, infrastructure and tourism.