Absa Bank Kenya has announced significant progress in its sustainability strategy, which was initiated in 2018 to promote sustainable development and responsible banking. In its 2023 Sustainability Report, unveiled on Thursday in Nairobi, the bank disclosed that it allocated Ksh. 63 billion to sustainable finance during the financial year 2023, with Ksh. 60 billion already utilized.
The report highlights that Ksh. 26.1 billion was allocated for climate finance, of which Ksh. 22.3 billion was used. Additionally, Ksh. 36.9 billion was directed towards inclusive small and medium enterprises (SMEs), and Ksh. 21 billion was allocated to the Timiza digital platform.
As part of its environmental efforts, Absa and its partners planted over 700,000 trees and introduced tree mapping for carbon offsetting. The bank also donated 20,000 bamboo seedlings for the restoration of the Kiu Wetlands and 10,000 seedlings for the Kinale Forest restoration. In Kericho County, Absa is actively working to rehabilitate part of the degraded 100-hectare Sorget Forest.
Absa has invested Ksh. 2 billion in technological upgrades and launched a digital onboarding platform allowing customers to open accounts and transact independently within 12 minutes, enhancing financial literacy.
Under its Sustainability in Sports initiative, the bank partnered with Athletics Kenya to sponsor the Absa Kipkeino Classic and planted over 2,500 trees at Kasarani Stadium. It also launched the “Birdies for Trees” initiative, committing to plant 100 trees for every birdie scored at the Magical Kenya Open.
To promote digital literacy, Absa and its partners fully equipped 22 computer labs in selected schools, donating Ksh. 25 million to support these labs. Each school will receive 20 fully networked desktop computers along with lab furniture.
Through the See Her Empowered (SHE) Star Programme, Absa has empowered over 35,000 women. The bank also runs the Ready to Work (R2W) program, an online, free, self-paced soft skills curriculum launched in 2015, which has reached over 250,000 youth.
As part of its Climate Smart Agriculture initiative, Absa has partnered with the Eco-Business Fund, investing $10 million in climate-smart agriculture. The bank is also advancing the Green Building initiative by partnering with Acorn Holdings Limited (AHL) on a Ksh. 6.7 billion financing deal to develop 10 Purpose-Built Student Accommodation (PBSA) facilities to address the student housing shortage.
Charles Wokabi, Absa’s Head of Sustainability, highlighted the bank’s future plans to incentivize environmentally friendly initiatives. He mentioned that the bank intends to offer competitive rates to businesses involved in sustainable projects, such as construction firms building green structures.
At the launch of the report, Absa Bank CEO Abdi Mohamed expressed the bank’s goal to double its sustainability funding to Ksh. 120 billion this year. He emphasized their commitment to environmental impact, customer experience enhancement, and community support.
Absa Bank Chairman Charles Muchene reaffirmed the bank’s dedication to achieving the Sustainable Development Goals (SDGs) within the next six years. He noted their pride in progress, especially in diversity and inclusion, with 15.5% of active suppliers being women, youth, and persons with disabilities. The bank continues to promote financial inclusion and enterprise development among marginalized but high-potential groups like women and MSMEs.
