List Of Businesses Owned By Family Bank Founder Titus Muya
- Titus Muya harboured a goal of founding a bank when young and his determination saw him visit the National Treasury every Thursday
- He founded the Family Finance Building Society after his bank licence application was turned down by the regulator
- Besides Family Bank, he owns Daykio Plantations Limited which deals in real estate and Kenya Orient Insurance
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At 18, Titus Muya aspired to establish a bank, inspired by a business article that ignited his interest in founding a financial company.
Despite securing a job after finishing high school, Muya experienced a lack of career advancement due to the absence of higher education qualifications.
Recalling a humiliating incident with his boss, who highlighted his lack of a degree, Muya contemplated giving up.
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"When I asked my boss why I was not being promoted, I was advised I was not a university graduate. I was told since I was not a university graduate, promotions coming to me in the future would be few and far between," he said, as reported by Bizna Kenya.
However, as the primary provider for his family, he persevered despite the challenges.
How Titus Muya founded Family Bank
Family Bank noted his determination saw him visit the National Treasury every Thursday to confirm if he had been awarded a licence.
In 1977, fifteen years after he got the idea of starting a bank, the businessman founded the Family Finance Building Society after his licence application was turned down.
By 2005, the Family Finance Building Society had over 30 branches nationwide.
In 2007, the company received a nod from the Central Bank of Kenya (CBK) to convert to a bank. Family Bank now boasts over 90 branches across the country and counting. It employs around 1,500 staff.
"I would like to encourage you to never give up on your dream. Be patient in what you do, put in the effort and always go the extra mile. As you progress as an entrepreneur, also learn to give others an opportunity to grow by recognising when to leave the table and let others bring in new ideas,” the business mogul said.
Which other businesses does Titus Muya own?
Daykio Plantations Limited
According to Who Owns Kenya, Muya founded Daykio Plantations Limited, a real estate company, in 1986.
The company buys and sells land within the Nairobi Metropolitan region, including Kiambu, Machakos and Kajiado.
It also deals in apartments and commercial developments within Nairobi. The company owns Daykio Plaza.
Muya left the firm's management to his daughter Anne while his son Julius Muya sits on the board.
Kenya Orient Insurance
Titus Muya is the director of Kenya Orient Insurance, while his son Julius is the board chairman.
It was incorporated in 1982 by the Al Fateem Group of Dubai and was later acquired by Kenyans in 1988.
The company was formed in 2004 after a transfer of ownership from the previous proprietors to its current owners.
Who founded Equity Bank?
In related news, Peter Munga founded Equity Bank (previously Equity Building Society) in 1984.
In 1993, the company was on its knees; it had already been declared insolvent and faced dissolution.
Munga turned to career banker James Mwangi, who then worked at the defunct Trade Bank Group to rescue the financial institution on the verge of collapse.
He retired as the bank's chairman in 2018, aged 75. According to Forbes, Munga owns a 0.4% stake in the lender worth $5 million (KSh 726 million) after selling most of his shares.
Besides Equity, the 80-year-old is a major shareholder in Britam Holdings (over KSh 500 million value) and Equatorial Nut Processors.
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Titus Muya lacked a degree but founded a bank.
List of Businesses Owned by Family Bank Founder Titus Muya - Tuko.co.ke
Titus Muya: Businesses Billionaire Founder Of Family Bank Owns
