Womens banking in Kenya
Most women are known to care for their families’ welfare so they get involved in womens banking in Kenya projects. The women have learnt to plan and invest to ensure that their loved ones are well or best taken care of. Women have been banking or putting aside monies for investment and emergencies for a very long time. It is only in recent years that bankers have seen the potential of having types of bank accounts in kenya designed for women.
Sources of funds for Womens banking in Kenya
- Salaries and wages: Women who are employed get a salary from which they are able to put aside a percentage as savings.
- There are also women who engage in business enterprises. The women put aside some part of their profits as savings
- Sales and bargaining: Before women shop they look for the best prises. Most men do not understand this idea of shopping but a woman can spend the day shopping. The women are looking for the best price so that they can save some money from their shopping budget. This money is either taken to the bank or for women in rural areas; they keep the money in a safe place like an old jar in one of the kitchen shelves
- Women also join with others either from their churches or village and start savings clubs. Depending on the clubs reason for being and investment needs, the women contribute a minimal amount. The clubs usually operate a ‘merry go round’ club. The contributed amount is given to one or two women in the group. The members of the club may opt to save the collections received per month in a bank and buy a piece of land or building.
- Women get gifts from their children or family members in form of cash. They bank these monies in their bank accounts.
Womens banking in kenya likely hiding places for cash
- In a jar in the kitchen
- In the granary or store
- In the bank
- In sacks of maize or beans or dried grains
The banking industry in Kenya has finally acknowledged the efforts made by women and have devoted products solely for women. The products are in all categories. The banks are trying to tap the monies that women safe in jars and under their mattresses. These monies when added together make significant deposits and would be used by banks to increase their lending. Womens banking in Kenya has come of age.