In a resounding declaration of their commitment to fostering sustainable finance and driving growth in Kenya and South Sudan, Stanbic Bank has reinforced its dedication through key initiatives and partnerships. The bank’s unwavering focus on sustainable practices and community development was highlighted during the launch of the Stanbic Holdings Sustainability Report 2022. This report serves as a testament to their efforts, showcasing achievements and progress in various sectors.
Dr. Joshua Oigara, Chief Executive of Stanbic Kenya and South Sudan, emphasized the institution’s strategic priorities, stating, “We continue to center our strategic priorities on growth drivers that are sustainable and beneficial for our people, clients, and the entire environmental ecosystem. Through sustainable financing and strategic partnerships, we continue to implement market-specific solutions that drive inclusion, social, economic, and environmental (SEE) stewardship.”
Green Financing and Impactful Initiatives:
Stanbic Bank’s strides in green financing over the past year underline its dedication to projects that yield positive, lasting impacts on the economy for future generations. The bank has directed KShs 15 billion towards sustainable funding initiatives in FY22, supporting projects that promote growth and resilience.
Their commitment to SMEs is evident through the provision of KShs 76 million in grants and catalytic funding to over 400 MSMEs, fostering innovation and entrepreneurship. The Accelerate Program awarded USD 400,000 to eight winners from the United States African Development Foundation (USADF) and Stanbic Kenya Foundation (SKF) Grant Fund, aiming to boost entrepreneurship and employability while addressing the skills gap.
A Holistic Approach to Impact:
Stanbic Bank’s efforts extend beyond financial support. They initiated the first Jr. NBA League in South Sudan, empowering youth through sports. The bank’s contributions in healthcare are significant, with over 25,600 beneficiaries from cancer screening programs across 10 counties.
In education, the Primary School Feeding Program provided daily meals to 1,200 students from July 2022, serving over 115,000 meals. Educational empowerment is a focus as well, with 959 MSMEs benefiting from the Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH GIZ and Stanbic Kenya Foundation (SKF) MSE resilience program.
Embracing Sustainability Principles and Impact Measurement:
Stanbic Bank’s commitment to sustainability is evident through its alignment with global standards and principles. The bank signed onto Nature Kenya and the Ten Principles of the United Nations Global Compact. This move bolsters their existing dedication to various voluntary global standards, including UN Principles for Responsible Banking, Equator Principles, and UN Sustainable Development Goals.
The bank’s Social Economic and Environmental (SEE) framework is directly aligned with their purpose of driving Kenya’s and South Sudan’s growth. Through this framework, they address various impact areas, such as health, education, and economic development.
The Road Ahead:
Stanbic Bank’s dedication to sustainable finance and growth reflects their profound commitment to the well-being of clients, communities, and the environment. The 2022 Sustainability Report underscores their significant strides in the pursuit of a more sustainable and inclusive future for Kenya and South Sudan.
- Stanbic Bank supported over 400 SMEs, providing KShs 76 million in grants and catalytic funding in FY22.
- KShs 15 billion channeled towards sustainable funding initiatives in FY22.
- Stanbic awarded USD 400,000 to 8 USADF and SKF Cohort III Grant Winners.
- Over 25,600 beneficiaries from cancer screening programs across 10 counties.
- Attained more than 50% female representation in the current leadership.