Why do not you use Android Keystore?it is designed for this purpose
https://developer.android.com/training/articles/keystore.html
The Android Keystore system lets you store cryptographic keys in a container to make it more difficult to extract from the device
It has considerable advantages over shared preferences or private files like extraction prevention or key use authorization I do not consider storing private keys on the server
Security Features
Android Keystore system protects key material from unauthorized use. Firstly, Android Keystore mitigates unauthorized use of key material outside of the Android device by preventing extraction of the key material from application processes and from the Android device as a whole. Secondly, Android KeyStore mitigates unauthorized use of key material on the Android device by making apps specify authorized uses of their keys and then enforcing these restrictions outside of the apps' processes.
In some devices with dedicated hardware it is implemented on it. As a programmer you can know is a key is hardware-protected
The concept is similar to iOS KeyChain, but whereas IOS KeyChain can store passwords, generate and import cryptographic keys, Android KeyStore only allows to generate cryptographic secret keys by the application ( no import functions)
The keys also can be protected requiring user to unlock the device and / or presenting the fingerprint
For example, to secure a password, is possible to generate a cipher key protected with fingerprint, and use it to encrypt user's credentials that could be stored in preferences