Stanbic Holdings Plc has unveiled its 2023 Sustainability Report, highlighting substantial investments and initiatives aimed at fostering sustainable development across Kenya and South Sudan.
The Group, a leading financial institution in the region, directed over KES100 billion towards projects that promote sustainability, support MSMEs, and enhance trade. This significant financial commitment underscores Stanbic’s pivotal role in driving economic growth while prioritizing environmental stewardship and social progress.
Key to Stanbic’s strategy in 2023 was its proactive stance on environmental sustainability. The Group recycled an impressive 95% of its waste and issued USD122 million (approximately KES15 billion) in sustainability-linked loans, marking a significant step towards integrating Environmental, Social, and Governance (ESG) principles into its operations.
Underpinning these efforts are initiatives aimed at bolstering social welfare and inclusivity. Stanbic advanced KES40 billion in loans to small businesses, facilitating job creation and economic empowerment. Furthermore, the Group invested KES635 million in affordable housing initiatives and implemented impactful community programs such as school feeding schemes and free cancer screenings, benefitting thousands across the region.
Dr. Joshua Oigara, Chief Executive of Stanbic Bank Kenya and South Sudan, emphasized, “Sustainability is intrinsic to our operational ethos. In 2023, we made substantial strides in embedding ESG principles, aiming to build a sustainable future for all stakeholders. Our focus remains on empowering marginalized groups, advancing socio-economic development, and enhancing climate resilience.”
The report also highlights Stanbic’s robust governance framework, with notable achievements including a 38% representation of women in senior management and board positions. This commitment to diversity and inclusion reflects Stanbic’s dedication to fostering a progressive corporate culture aligned with global best practices.
Stanbic Holdings plans to expand its green lending portfolio and deepen its climate action initiatives, aiming to further align its business operations with sustainable development goals.
The Group’s strategic partnerships with government agencies, private sector entities, and civil society organizations continue to play a pivotal role in scaling impactful initiatives across the region.
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