By The News Booth Desk
Email: info.newsbooth@gmail.com
Salaam Microfinance Bank has officially opened a new branch along Nkrumah Road in Mombasa on Saturday, 19th April, 2025. This expansion marks a significant milestone for the bank as it continues its mission to bring ethical and inclusive financial services to communities across Kenya. The new branch will offer a comprehensive suite of services, including business financing, savings accounts, and mobile banking via the Salaam Pay App, all in alignment with Islamic banking principles.
The opening of the Mombasa branch is a strategic move by Salaam Microfinance Bank to strengthen its presence in the coastal region, a vibrant economic hub with a diverse population. The bank aims to tap into the region's potential by providing tailored financial solutions that cater to the unique needs of local businesses and individuals. "Our Mombasa branch strengthens our commitment to supporting businesses and communities in the coastal region," said Jaafar Abdulkadir, Chief Executive Officer of the bank. "We’re excited to grow our footprint and contribute to Mombasa’s dynamic economy through tailored financial solutions."
The launch event was attended by local dignitaries, community leaders, Salaam Microfinance Bank executives, and members of the media. During the event, attendees were given a demonstration of the bank’s mobile banking platform, Salaam Pay, which empowers customers to transact securely and conveniently from anywhere. This platform is part of the bank's broader strategy to enhance financial inclusion by leveraging technology to reach underserved populations.
Salaam Microfinance Bank Limited is the first microfinance bank in Kenya to offer Shari’ah-compliant financial products and is regulated by the Central Bank of Kenya. As a subsidiary of Salaam African Bank, the institution is committed to financial inclusion, innovation, and customer-focused banking. With its headquarters in Nairobi, the bank currently operates branches in Nairobi (Eastleigh and Kimathi Street) and Mombasa, offering both digital and branch-based services nationwide.
As part of its growth strategy, Salaam Microfinance Bank plans to expand its footprint further, reinforcing its mission to empower individuals and businesses with accessible, responsible, and customer-centric financial solutions. The bank's expansion into the coastal region is expected to stimulate economic growth by providing much-needed financial services to local entrepreneurs and residents, thereby contributing to the overall development of the area.
