Family Bank in two-fold plan to spur growth

Family Bank will invest heavily in digital space and staff training as a way of reconfiguring its business model to new realities.

Chief executive David Thuku on Thursday said the bank has embarked on the two-fold strategy to spur growth.

“One is the digital banking side because with the traditional brick and mortar approach — the cost outlay for that in a strained revenue side — you have to really think whether you want that or to digitise, which is more cost efficient,” he said.

“The other one is staff building capacity in terms of competence and confidence level to make sure that staff are well skilled to be able to handle continually changing business environment.”

He was addressing the media in Nairobi when the bank flagged off more than 70 of its small and medium-sized enterprises (SMEs) customers for a 10-day business trip to the US next week. Mr Thuku said the bank is keen to nurture the growth of homegrown businesses.

The entrepreneurs drawn from different industries will attend the International Franchise Expo and Turkish trilateral forums in New York, besides visiting cities like Virginia, Washington DC, Philadelphia and Maryland.

They will also participate in trade fairs, tour tourist sites and benchmark on best global practices in their respective business lines.

“We consider such business trips as platforms of empowerment. You get the necessary exposure and networking opportunities that help improve your business acumen and growth,” said Mr Thuku.

Business club manager Jacqueline Karita said Family gives SME owners an opportunity to network, share experience, and learn innovative ways of doing business.

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