Absa Bank has partnered with the International Finance Corporation (IFC) to provide training for over 600 suppliers in the past two years. This is in a bid to prepare them to access corporate procurement opportunities.
As part of this initiative, implemented under the IFC’s Sourcing2Equal Kenya program, the partners recently hosted a corporate procurement readiness training session for more than 100 suppliers that included an expanded supplier base of women, youth, and persons living with disabilities.
The Bank aims to increase its supplier diversity and inclusion ratio to 30% by 2025, up from the current 18%, thereby expanding opportunities for women, youth, and individuals with disabilities to participate in procurement processes.
Absa Bank Kenya Head of Sustainability and Corporate Affairs Charles Wokabi said, “We are committed to achieving the Sustainable Development Goals (SDGs) and advancing our sustainability initiatives. As we diversify our supply chains, we prioritise environmental, social, and governance (ESG) factors in our training programs to raise awareness of corporate sustainability and responsible business practices among our supply chain partners,” Mr. Wokabi said.
On its part, the IFC applauded Absa Bank Kenya for its commitment to diversity and inclusion and emphasised that supply chains are an essential lever for the private sector to create a positive and sustainable impact. IFC’s Sourcing2Equal Kenya is a three-year project implemented by IFC with the support of the Women Entrepreneurs Finance Initiative (We-Fi) and Norway to advance gender-inclusive sourcing in Kenya.
“Corporate supply chains can be a true game changer for women entrepreneurs and other underserved groups striving to grow their enterprises to the next level. In Kenya, corporate buyers estimate that less than three percent of their corporate spending is with women suppliers. IFC partners with corporates like Absa Bank to close these gaps and make supply chains more inclusive and diverse,” said Anne Kabugi, Regional Gender Africa Lead, IFC.
The corporate readiness training session provided a platform for SMEs owned by women, youth, and people living with disabilities to acquire knowledge and expertise in best practices for establishing a sustainable business and accessing corporate procurement opportunities.
Other partners at the event were Kenya National Chamber of Commerce and Industry -Nairobi County Chapter, Youth Connect Kenyan Chapter, and We Connect International.