Hustlers and women were among the beneficiaries after Absa Bank Kenya PLC advanced close to Ksh 60 billion in sustainable finance in 2023.
This figure, contained in the Bank’s Sustainability Report for the financial year ended December 31, 2023, is made up of Ksh 22.3 billion advanced as climate and sustainability-linked finance and Ksh 36.9 billion in inclusive finance.
Under climate finance, Ksh 14.1 billion was allocated to renewable and clean energy projects, Ksh 2.9 billion for green buildings, and Ksh 2.2 billion for climate-smart agriculture financing and other sustainability-linked lending.
In terms of inclusive finance, Ksh 21 billion was provided to individuals and small businesses through Absa’s virtual banking platform, Timiza. Additionally, Ksh 11 billion was loaned to Micro, Small, and Medium Enterprises (MSMEs), and Ksh 4.9 billion was specifically allocated to women entrepreneurs.
35,000 women entrepreneurs were empowered through the See Her Empowered (SHE) Star program.
Furthermore, 14,000 entrepreneurs are empowered through business growth training and capacity building.
Furthermore, Ksh 36.9B advanced to MSMEs & Women-led businesses while Ksh 21 billion advanced to start-ups and youth through Timiza.
Also Read: Absa Bank Posts Ksh10.7 Billion Half-Year Profit, Announces Dividend
ABSA Bank Highlights Its Achievements
Environmental stewardship
- Ksh 22.3B Climate finance in renewable energy, green building and agriculture
- 728,095 trees grown through partnerships with customers, communities, and partners accelerating its commitment to plant 10 million trees by 2032.
- Reduced operational carbon emissions by 8% in line with our ambition to achieve net zero status by 2050.
- 85 sites retrofitted sizes with energy-saving technology, with 5 certified as green buildings.
- Partnered with SunKing to invest Ksh 2 billion in the development of solar-powered projects for off-grid communities.
- Participated in financing Safaricom’s Ksh 20 billion sustainability-linked loan.
Social impact initiatives
- 72,000 students were empowered in digital literacy through Computer for Schools
- 20,274 youth impacted through the Ready2Work initiative, bringing a total of 252,000 youth since the program was launched.
- 3500 hours of colleague volunteer ship in community work
- 51:49: Women to men’s gender split across the organization with 40:60 in leadership.
- Top Employer 3 years in a row with 100% colleagues trained on future skills
Sustainability in Sport
- Absa partnered with Athletics Kenya to plant over 2500 trees at the Kasarani Stadium during the Absa Kipkeino Classic Tour.
- Birdies for Trees initiative: Committed to planting 100 trees for every birdie scored at the Magical Kenya Open.
Also Read: Absa Announces Plan to Expand Network Services to17,000 Outlets in Kenya
Absa CEO and Environment PS
Absa Bank Kenya PLC Managing Director & CEO, Abdi Mohamed reaffirmed the Bank’s commitment to operating in a manner that is not only profitable but also responsible, ethical, and aligned with the broader needs of society.
“In today’s world, our stakeholders – whether they are investors, regulators, or customers – expect more from us. They want to see the bigger picture, understanding not only how we create value for our shareholders but also the broader impact we have on society and the environment,” he said.
“At Absa Bank, our commitment to creating a sustainable future for all is pegged on our brand purpose of empowering Africa’s tomorrow, together one story at a time. We remain committed to providing sustainable financial solutions that support businesses, hence facilitating economic growth.”
Speaking at the event, Environment Principal Secretary Dr. Eng. Festus Ng’eno, and Climate Change said that the financial sector plays a pivotal role in shaping the trajectory of our nation’s development.
“Banks are not merely financial intermediaries; they are the lifeblood of our economy. Absa’s dedication to integrating sustainability into its core operations sets a precedent for other financial institutions and indeed, for all sectors of the economy,” he said.
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