Absa Bank Kenya Partners With Safaricom In Mangrove Reafforestation

By Soko Directory Team / Published February 12, 2024 | 12:39 pm



Absa Bank

Absa Bank Kenya, in partnership with Safaricom, has today announced a joint commitment of two million Kenyan shillings towards a mangrove reafforestation project aimed at preserving coastal ecosystems in Kilifi County.

The initiative, launched on the sidelines of the ongoing 2024 Magical Kenya Ladies Open, will see the planting and nurturing of 100,000 mangrove trees aimed at restoring the fragile mangrove ecosystems along the coastline. This will be implemented in partnership with, Takaungu Beach Management Unit, a local community group.

While commenting on this partnership, Absa Bank’s Chief Financial Officer, Yusuf Omari, stated that the initiative underscores the bank’s sustainability agenda, aligning with its partners’ shared values of environmental stewardship and community empowerment.

“As an active force for good brand whose heart beats for our communities, we care about the communities around us and the environment in which we operate. Our partnership with Safaricom to undertake mangrove reafforestation reflects a sustainable approach to preserving biodiversity, mitigating climate change effects, and enhancing the resilience of coastal ecosystems,” said Mr. Omari.

Safaricom Director, Sustainable Business, Social Impact & the Foundations, Karen Basiye, stated, “This partnership is a reflection of Safaricom’s commitment to its Environmental, Social, and Governance agenda. It will also take us a step closer to being a net-zero carbon-emitting company by 2050.”

U.COM Event Managing Director Dirk Glittenberg commented, “It’s encouraging to see our partners, Absa Bank and Safaricom, taking such proactive steps to preserve coastal ecosystems. Mangrove trees are vital in the fight against climate change, and this initiative demonstrates a meaningful commitment to environmental conservation. By partnering with local communities, these organizations are not only safeguarding our planet but also empowering coastal residents. The Magical Kenya Ladies Open remains committed to leaving a positive impact in this region, either directly or through our valuable partners, and it is, therefore, heartening to witness such collaborative efforts towards a more sustainable future.”

“This year, we are targeting to plant over 1.5 million trees countrywide as part of our wider commitments and become a net-zero organization by 2040. We believe our efforts will also complement the government’s initiatives towards achieving 30 percent forest cover by 2032,” Mr. Omari added.

Mangrove trees, known as the ‘lungs of our coastlines,’ absorb up to 900 tonnes of CO2 annually, aiding in combating the climate crisis. Their robust root systems also serve as effective barriers against storms and tsunamis, mitigating damage to coastal communities and reducing the impact of these catastrophic events.

Read Also: Absa Bank Gives Ksh 15 Million To Magical Kenya Ladies Open Investment




About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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