Absa Bank Kenya has received special recognition from the International Finance Corporation (IFC) for its notable progress in enhancing the representation of women-owned businesses within its supply chain.
Absa, in a press release on Thursday, April 17, stated that the recognition follows the bank’s increase in the percentage of women suppliers to 18% from 6% in 2021.
The special recognition from the IFC is part of the Sourcing2Equal Kenya Program, which acknowledges efforts in promoting inclusive sourcing practices.
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets.
“The award is a testament to Absa Bank’s commitment to integrating a greater number of women-led enterprises into its supply chain, reflecting the organisation’s dedication to fostering inclusion and diversity among its suppliers,” read part of the press release.
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Absa receives recognition from the IFC
The award ceremony was held during a high-level event hosted by IFC in partnership with Women Entrepreneurs Finance Initiative (We-Fi) and the Government of Norway, together with 10 corporates in Kenya.
The event was in celebration of the strides made by corporate partners in the Sourcing2Equal program in accelerating procurement opportunities for women-owned businesses.
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Speaking while receiving the award, Absa Bank Kenya Head of Sourcing and Commercial Services Gilbert Ngetich said that the lender is committed to championing inclusive and equitable opportunities for underrepresented groups.
“We are not just funding businesses, but we are changing how procurement practices can benefit underrepresented groups to provide them with meaningful economic opportunities,” he said.
“This recognition is not only a stamp of approval to our commitment in improving access to finance for underrepresented groups, but also to drive supply chain financing for Women-led small and medium enterprises (WSMEs).”
As the Sourcing2Equal Kenya Program transitions to its next phase- improving access to finance for women entrepreneurs, Absa Bank has assured that it remains committed to unlocking opportunities for women and other underrepresented groups, reinforcing its commitment to driving inclusive economic growth in Kenya and beyond.
The bank has set an ambitious goal to diversify its supply chain by 30% by the end of 2025, with a specific focus on empowering women, individuals with disabilities, and youth-led businesses throughout Africa.
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