Co-op Bank Bags KBA’s Sustainable Finance Catalyst Award

By Soko Directory Team / Published November 18, 2019 | 6:40 am

For the second time in two years, the Co-operative Bank of Kenya clinched the prestigious Kenya Bankers Association (KBA) Sustainable Finance Catalyst award.

The Co-operative bank merited the award, which aims at acknowledging efforts by commercial banks to promote the financial sector and country’s economy, for being the bank that has greatly impacted people’s lives in terms of growth and the support of businesses that according to KBA will be sustainable for a long time.

To be among the KBA Sustainable Finance Catalyst finalists, the judging panel was looking at the financial sectors’ contribution to the country’s Gross Domestic Product (GDP, apart from other core operations and lending practices.

The Co-operative Bank has been at the forefront of seeing that SMEs grow their businesses, more jobs created and has also provided support for vulnerable groups like women and children.

Co-op Group Managing Director Gideon Muriuki attributed the bank’s success to their ‘inclusive design’ which enables them to deliver.

Muriuki also said that the fact that they are predominantly owned by the 15-million Co-operative Movement, has not only enabled them to deliver shared prosperity but also helped in building awareness and wisdom to avoid jeopardizing future generations.

The KBA chief executive Habil Olaka commended the winners of the catalyst award, saying that they have demonstrated that they are prepared to take steps to ensure that investment activities are carried out in line with international best practices.

This was the second time the Co-operative Bank was clinching the catalyst award, the first time being 2017.

The judging panel named Equity Bank Group second while Kenya Women Finance Trust settled for the third position, among the 47 entries from 14 financial institutions.

Other finalists included ABC Bank, Barclays/Absa, Credit Bank, DTB, Faulu Microfinance Bank, KCB Group, National Bank, NCBA, Rafiki Microfinance Bank, Stanbic Bank, and Standard Chartered Bank.

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