Absa Bank Kenya has called on women across the country to begin estate planning early, positioning succession planning and wealth preservation as critical pillars of financial security and family stability. The call was made during the bank’s Flowers and Brunch event held to celebrate Mother’s Day, where more than 100 women participated in an interactive session focused on wills, trusts, succession planning, and long-term wealth protection.
The forum sought to demystify estate planning and encourage women to openly engage in conversations around financial preparedness, legacy building, and protecting family wealth for future generations.
Speaking during the forum, Absa Bank Kenya Affluent Business Director, Seema de Souza, noted that many women have historically been excluded from wealth creation and succession conversations, despite their central role in family and community development. “There is a 120-year gender gap between men and women,” said Seema de Souza. “Women, have therefore, not been adequately prepared on estate planning in the past. As women increasingly build wealth and participate in economic activities outside the home, they must also take deliberate steps to protect that wealth for their families.”
The discussions come at a time when estate planning remains largely overlooked in Kenya. Research shows that only 10% of Kenyans have a written will, leaving many families vulnerable to succession disputes, emotional distress, and financial losses after the death of a loved one with many relying on next of kin nominations or verbal declarations to formalise succession contentions. Additionally, statistics show that only 30% of family businesses survive into the second generation with only 5% making it to the third generation. Most of these failures are a result of succession issues.
> Inside Kenya’s Restoration Economy Targeting 15 Billion Trees
Reinforcing the importance of estate planning, Mboya Wangong’u and Waiyaki Advocates Managing Partner Gladys Mboya said that estate planning is a key factor in the nurturing and caring spirit of women. “The sure way for women to continue showing their love and protection for their families is by ensuring they leave a will. That way the family is cared for long after they are gone,” said Mboya.
As more Kenyans invest in land, real estate, businesses, and financial assets, the experts emphasized that estate planning is no longer optional but a necessary financial management tool. Estate planning is not limited to writing a will but also includes trusts, joint ownership, nominations, power of attorney and health directives. It plays a key role in ensuring the smooth transfer of assets, protecting beneficiaries, preserving family wealth, and guaranteeing business continuity in the event of death or incapacitation
Kenyans are taking bold steps towards wealth creation, investment and nation building, planning for the future is no longer a by-the-way conversation. It is a strategic decision meant to provide peace of mind, build stability and bring order. Absa says is committed to empowering clients to make informed decisions that protect their families, while preserving and securing their legacies.
“I have learnt that success is defined even in succession. This means it is not about how big your estate is but will depend on how early you plan for its proper transfer. This timely session has reshaped my understanding of financial success and legacy,” said Absa customer Founder of Nancy Eleanor Store Diane Kariuki.
The Mother’s Day event also featured networking opportunities, business exhibitions, a flower arrangement session, and wellness conversations aimed at celebrating and empowering women.
> East African Development Bank Creates $13 Million Fund For Women and Youth
Leave a comment