Stanbic Bank Pledges Commitment To Kenya’s Economic Development

Stanbic Bank Kenya today released its 2019 Sustainability Report (Report to Society) which captures the bank’s social, economic, and environmental impact.

The sustainability report is premised on seven key areas that are aligned to Kenya’s National Development plan. These areas include; job creation and enterprise development, education, financial inclusion, health, environment and climate change, infrastructure development, and Africa Trade and Investments.

The Report showcases the bank’s journey through its support to clients and the community at large. The bank has worked closely with like-minded strategic partners that include private sector players, government institutions, and NGO’s to deliver on their commitment.

Speaking at the event, CAS Ministry of Industrialization Trade and Enterprise Development Hon. Lawrence Karanja said, “I applaud Stanbic bank for practicing responsible banking and going beyond just offering financial services. Organizations need to support the community in which they operate. Business, as usual, is no longer acceptable, and they must demonstrate transparency and accountability for their social, economic, and environmental impact.”

The Head of Stanbic Kenya Foundation, Pauline Mbayah said, “Our journey has been exciting yet challenging. With the advent of COVID-19, we carried out an analysis and partnered with key stakeholders to address gaps within the society to offer support to those in need in a sustainable manner. We acknowledge that Kenya is our home, and we continue to drive her social and economic growth.”

The areas of major impact highlighted in the sustainability report include Job Creation and Enterprise Development, Education, Gender, and Affordable Housing.

Under the first pillar of Job Creation and Enterprise development, close to 80 percent of the Bank’s efforts have gone towards this to ensure businesses are equipped with financial literacy to grow and have been provided with the right mentoring, training, and market access.

This has been achieved through the Accelerator program of the foundation that is focused on building the capacity of the bank’s SME clientele by equipping them with knowledge on how to manage businesses in order to withstand the unprecedented shocks brought about by the COVID-19 pandemic. The Accelerator program also provides a co-working space area for people to collaborate and network.

The second pillar highlighted in the report is the bank’s commitment to education, where 3 million shillings have been invested in education in 2019 through the Palmhouse Foundation and SOS Children’s Village.

The third pillar focuses on gender inclusivity where the bank has heavily invested in women through their DADA Proposition that seeks to support women with both financial and non-financial solutions. Through this platform, the bank continues to offer holistic development and growth through financial benefits such as borrowing, saving, protecting, and managing wealth, as well as non-financial benefits through education, information, networking, rewards, and wellness activities and has committed 20 billion shillings to finance women. Over 10,000 women have signed up for the proposition. Stanbic Bank Kenya has a long-standing commitment to women and raising their economic output. To date, the bank has a remarkable 49-50 percent ratio female to male, subscribing to SDG 5 – gender equality.

Lastly, through their affordable housing pillar, Stanbic bank has invested in Kenya Mortgage Refinance Company (KMRC) in partnership with the government to help make it possible for Kenyans to access affordable home loans. In addition, Stanbic Bank arranged East Africa’s first green bond deal that raised 4.62 billion shillings ($41.45 million) towards building 5,000 environmentally friendly and affordable student housing in Nairobi and its environs.

Speaking on behalf of the Bank, Chief Executive, Charles Mudiwa said, “It is imperative that we communicate back to our key stakeholders the impact we have made through our various initiatives and partnerships. We pride ourselves on being accountable and transparent in the work we do. We have made sure to prioritized people over profits as we acknowledge that we cannot operate in isolation and must therefore uplift our society in order to survive.”

Stanbic bank together with private sector players has been involved in other various initiatives with a contribution of Ksh 140 million that have helped the government and communities manage the impact of the COVID-19 pandemic such as the donation of 192 non-invasive ventilators to the Ministry of Health.

The Stanbic Kenya Foundation distributed handwashing stations to various parts of the country in partnership with the Rotary Club as well as partnering with Tunza Clinic’s to help raise awareness around the importance of early cancer screening.