Mombasa County Welcomes More Financial Institutions to Boost Economy

By Mwakwaya Raymond

Email, thecoastnewspaper@gmail.com

The County government of Mombasa has opened its doors to microfinance banking institutions so as to boost not only its economic activities, but also uplift its people’s living standards.

Governor Abdulswamad Shariff Nassir says already the county is working on a wish away bill to be tabled soon at the County Assembly for approval.

The bill will outline how the county will assist the microfinance institutions with a business environment to enable them conduct their activities optimally.

Speaking when he presided over the launch of Salaam Microfinance Bank along Nkrumah Road on Saturday, April 19, 2025, the governor indicated that several investors have shown interest in undertaking banking financial services in the county.

He said the county was currently working with Kenya National Bureau of Statistics (KNBS) to gather data that would guide investors whenever they wanted to undertake any establishment.

“We want to create a conducive environment for investors to put their money here so that we can create jobs for our people to assist in economic growth.”

Salaam Microfinance Banking Hall (Photo By Mwakwaya Raymond)

The governor said according to KNBS Mombasa’s economy was growing at a steadfast rate and it was number two in the country.

He challenged other investors to venture into the banking sector and assist in the economic growth of the county.

Meanwhile, Salaam Microfinance Bank’s third branch in Mombasa is expected to offer financial services to all coastal residents of the six counties.

The microfinance, which began as Uwezo fund initiative, boasts of running three branches – two in Nairobi and one in Mombasa.

The bank will operate under the Sharia compliant law, thus, targeting the large Muslim community, but will also be open to all other Kenyans.

Bank’s chief executive officer Jaafar Abdulkadir who doubles as the managing director said the bank had embraced digital technology so as to hasten operations and service delivery.

“Our products are fully digitized thus any customer can access them at any point in the country,” he said.

(From Left) Mombasa County Senator Mohammed Faki, Salaam Microfinance Bank’s chief executive officer Jaafar Abdulkadir, Governor Abdulswamad Shariff Nassir alongside other dignitaries pose for a photo in the banking hall.(Photo By Mwakwaya Raymond)

According to him the bank has fully embraced electronic based systems and several facilities can easily be accessed electronically.

“The e-mraba and many other credit facilities customers can now access them online.”

He said the bank which was owned by Salaam African Bank in Egypt also operates a telecommunications outfit, insurance as well as real estate.

Those in attendance at the opening ceremony was the Mombasa County Senator Mohammed Faki who happens to be the bank attorney alongside other dignitaries.