Women’s lower access to formal financial services is driving Premier Bank Kenya to expand banking products tailored to their needs, with the lender focusing on affordable accounts, savings, business opportunities and financial education.
The bank is waiving monthly ledger fees on selected Shariah-compliant accounts as it seeks to make banking more accessible while giving women opportunities to connect, share ideas and explore business ventures.
The push comes against a wider financial inclusion gap in Kenya. The 2024 FinAccess Household Survey shows that 84.8 per cent of adults had access to formal financial services in 2024, up from 83.7 per cent in 2021.
Women, however, continue to trail men, with the latest Kenya National Financial Inclusion Strategy showing that 81.4 per cent of women had access to formal financial services compared with 86.8 per cent of men. Only 36 per cent of adults regularly save through formal institutions.
Speaking during a Radio Generation interview on Wednesday, Premier Bank Corporate Relationship Manager Hamidah Mwandary said the bank's women's accounts are designed to reduce the cost of banking while supporting savings and business growth.
“Sharia-compliant banking for women starts with accounts specifically designed to meet their needs. We make these accounts more affordable by waiving monthly ledger fees. They also provide women with opportunities to come together, share ideas, explore business opportunities and support one another financially.”
Mwandary said the bank's focus extends beyond providing accounts, with financial discussions and forums intended to help women understand banking and financing.
She said women may not necessarily receive different financing from men, but the bank has placed greater attention on them because some face barriers that can limit their access to financial services.
“It might not be so different from what men can be given in terms of financing, but yes, we have sort of, can say, made more focus on them because now, at the end of the day, women are more vulnerable. Some of them actually housewives. Maybe they're not literate enough to understand financing and banking, so we can even have forums sometimes to have those kind of discussions with them.”
Premier Bank's strategy comes as Islamic finance expands globally, with the Islamic Financial Services Board reporting that total Islamic financial services assets reached Sh500.52 trillion in 2024, representing 14.9 per cent growth.
Islamic banking remained the largest component of the sector, while sukuk and takaful also recorded growth. The board has identified emerging markets, including those in Africa and Central Asia, as areas with opportunities for Islamic finance and financial inclusion.
In Kenya, Premier Bank offers Sharia-compliant savings, current and other accounts based on Islamic finance principles, including Qardh and Mudarabah.
Mwandary said the bank develops products with individual customer circumstances in mind rather than applying the same approach across its customer base.
She also highlighted the bank's digital identification process, saying several details are used to verify customers.
“Signature is something that you can change, you know, over time. That is acceptable. What is not acceptable is, you know, details like your ID, details like your KRA PIN, details like, you have to take a selfie. You cannot take a photo over photo and it accepts. It won't accept that.”
The issues will feature at the Islamic Finance Forum and Dialogue hosted by Radio Generation on September 10, 2026, at the Radisson Blu Arboretum in Nairobi.
The forum will bring together financial sector players, regulators, scholars, investors and businesses to discuss opportunities and challenges facing Islamic finance in Kenya and the wider African market.