Family Bank Paid KSh332 Million in Two-Year Ex Gratia Benefits, Former CEO T.K. Muya Received KSh231 Million
Family Bank paid KSh108.8 million in ex gratia benefits during the financial year ended December 2025, with former Chief Executive Officer T.K. Muya receiving KSh93.1 million in lump-sum benefits.
The latest payments bring the lender’s ex gratia disbursements over the last two financial years to KSh332.2 million, following KSh223.4 million paid out in 2024.
According to Family bank’s FY25 remuneration disclosures, Mr. Muya received a total remuneration package of KSh128.6 million, comprising KSh21.8 million in directors’ fees, KSh13.6 million in allowances and KSh93.1 million in ex gratia benefits.
Former director F. Mungai received KSh13.1 million in ex gratia payments during the year, while former director W. Kiboro was paid KSh2.5 million.
The bank’s director remuneration table shows total payments to directors amounted to KSh236.9 million in 2025. In addition to ex gratia benefits, directors earned fees and allowances for board and committee responsibilities.
Board Chairman L. Muema received KSh25.9 million, made up of KSh15.8 million in fees and KSh10.2 million in allowances. M. Keriri was paid KSh17.9 million, while D. Ichoho earned KSh11.3 million during the year.
Other directors’ remuneration included KSh9.9 million for Prof. W. Nyamute, KSh9.3 million for H. Mbugua, KSh8.9 million for Dr. P. Kariuki and KSh8.2 million for M. Mburu. B.M. Kanyaru received KSh1.2 million.
The bank reported an additional KSh11.1 million in fees related to subsidiary meetings, bringing total expenditure on directors’ remuneration and related payments to KSh248 million in FY25.
FY24 Ex Gratia Payments Were Higher
Family Bank had paid KSh223.4 million in ex gratia benefits in FY24, more than double the amount disbursed in 2025.
Mr. Muya accounted for the largest share of those payments, receiving KSh138.2 million in ex gratia benefits and total remuneration of KSh165.9 million, representing 51.3% of the bank’s total director remuneration bill of KSh323.3 million that year.
Dr. Kiboro received KSh85.1 million in ex gratia payments in FY24, taking his total remuneration for the year to KSh95.6 million, equivalent to 29.6% of the total remuneration pool.
Other directors received remuneration largely comprising fees and allowances. L. Muema earned KSh13.8 million, M. Keriri received KSh10.9 million, while M. Mburu, D. Ichoho, F. Mungai, Dr. P. Kariuki, H. Mbugua and Prof. W. Nyamute collectively accounted for the remaining payments.
An additional KSh8.8 million was paid for subsidiary meetings in FY24.
Two-Year Ex Gratia Total Reaches KSh332.2 Million
Combined ex gratia payments for FY24 and FY25 amounted to KSh332.2 million, with former CEO T.K. Muya receiving KSh231.4 million over the two-year period.
Former director W. Kiboro received a cumulative KSh87.7 million in ex gratia benefits during the same period, while former director F. Mungai received KSh13.1 million in FY25.
The FY25 disclosures indicate that the KSh93.1 million paid to Mr. Muya represented lump-sum benefits due to him in his capacity as the bank’s former CEO.
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.
