Absa Bank has been recognized by the Kenya Bankers Association (KBA) for making a positive environmental impact through sustainable lending practices. This was during the seventh edition of the SFI Catalyst Awards.
During the award event on Wednesday, the bank received top honors in several categories, including Best in Bank Operations and Best in Sustainable Finance, and emerged as the third overall best bank. The bank came in second in the Best Bank for Promoting Gender Inclusivity category and third in the Most Innovative Bank category.
As part of this critical agenda, the bank last month made a commitment to double its sustainable finance allocation to KES120 billion in three years in line with its refreshed sustainability commitment. This year alone, the bank has advanced about KES60 billion in sustainable finance, comprising components of green finance as well as inclusive finance.
Absa Bank’s Managing Director Abdi Mohamed, said: “We are honoured to be recognized by the Kenya Bankers Association SFI Catalyst Awards as it validates our ongoing sustainable development initiatives. As a bank, we believe in the power of sustainable finance to generate positive change, and these awards demonstrate our dedication to making a positive influence on society and the environment in which we operate. We remain committed to advancing sustainable development throughout the country.”
“Our ambition is to continue significantly expanding our investment in this space as we scale our support for sustainable development across all our economic sectors. You can therefore expect to see us playing an even bigger and bolder role, specifically in renewable energy, energy efficiency, green building, and climate-smart agriculture sectors in the days ahead,” added Mr. Mohamed.
The Sustainable Finance Initiative (SFI) Awards, launched in 2016 by the Kenya Bankers Association, seek to recognise banks that practise catalytic finance that impacts the banking industry, the country’s economy, and society at large.