Gulf Bank unveils ladies only financing product

NAIROBI, KENYA: Gulf African Bank (GAB) Saturday launched a ladies only financing product to empower women set up their own businesses.

The product dubbed Annisaa Biashara Financing follows the Sharia laws and does not charge ledger and monthly fees and also offers free internal standing orders while also offering a VISA ATM card.

The product aims at easing access to financing by fully taking care of the financial arrangements of women in business. Speaking during the launch, Gulf African Bank product manager, Najma Jabri said the benefits of the product include the provision of discounts at select partner outlets.

“We are giving priority services at the Annisaa centres and Annisaa Teller counters at selected GAB branches. We are also offering exclusive instructional seminars conducted annually and cheque books and also free interim statement,” Jabri said. She said the bank also offers free account-to-account cash transfer within Gulf African Bank. “Setting up this account is very easy as one only requires a minimum opening and operating balance of Sh1,000, a copy of National ID /Passport / Alien Certificate or refugee card, a passport size photograph, a copy of your latest utility bill,” Najma said.

To reach out to more individuals, the Sharia-compliant bank has set up two fully fledged women centers at Eastleigh, Shariff centre in Nairobi and Bondeni, Abdel Nasser Road in Mombasa and aims at attracting more clients in the future.

Others in attendance were Frida Owinga, CEO Passion Profit, alongside CRA Commissioner Amina Ahmed who shared insights with the women on how to sustain micro – enterprises and SMEs and proper financing arrangements.