NAIROBI, Kenya – Stanbic Holdings Plc has reaffirmed its commitment to sustainable development, channeling over Sh100 billion into projects and initiatives that promote sustainability, micro, small, and medium-sized enterprises (MSMEs), and trade in Kenya and South Sudan.
This significant contribution was highlighted in the Group’s 2023 Sustainability Report, unveiled today.
Joshua Oigara, Group Managing Director and CEO, emphasized the bank’s dedication to fostering growth in Kenya and South Sudan through investments in green projects, trade facilitation, sustainable finance solutions, and community empowerment.
“We invested in green projects, facilitated trade and investment, developed sustainable finance solutions, improved financial inclusion, and empowered the community through health, education, and SME initiatives,” Oigara stated.
Under the Environment pillar, Stanbic Holdings took substantial steps to support climate change mitigation and adaptation.
The bank issued $122 million (approximately Sh15 billion) in sustainability-linked loans and trained clients on environmental, social, and governance (ESG) practices.
Additionally, the bank achieved a remarkable 95 percent waste recycling rate within its operations.
The Social pillar saw the bank accelerating the growth of small businesses, advancing access to affordable housing, and implementing a school feeding program.
The bank also provided free cancer screenings and enhanced digital literacy across the country.
“These initiatives created jobs, drove income growth, and improved access to quality education and health services,” Oigara noted.
In terms of governance, Stanbic Holdings strengthened its internal governance framework, integrating diversity and inclusion across the Group.
The bank achieved 38 percent female representation in senior management and at the Board level.
“Sustainability is a core element of our operations. In the past year, we made significant progress in integrating ESG principles into our core operations, which aligns with our goal to build a sustainable future for all,” Oigara added.
Looking ahead, Oigara highlighted the bank’s commitment to lasting impact in Kenya and South Sudan through sustainable and inclusive solutions.
“In the next three years, our focus will be on sustainable financing that empowers marginalized groups, accelerates socio-economic development, and contributes to climate adaptation and mitigation,” he said.
Priscilla Were, the head of sustainability at Stanbic Bank, underscored the bank’s strategy to create shared value for stakeholders through sustainable practices.
As of the end of 2023, green/sustainability-linked facilities comprised about 8 percent of the Group’s lending portfolio.
“In 2024, we are focused on expanding our green lending portfolio, entrenching financial inclusion, deepening our climate action, and enhancing our ESG alignment across all business units,” Were mentioned.
In 2023, Stanbic Holdings scaled its impact initiatives through strategic partnerships with government bodies, the private sector, Development Finance Institutions, and civil society.
This included collaborations with the United States African Development Foundation (USADF) and GIZ to drive SME growth and economic empowerment.
The Stanbic Foundation has provided concessional loans amounting to Sh119 million, with the lender disbursing a Sh40 billion loan to small businesses to bolster their growth and job creation capacity.
During the unveiling event, Stanbic also celebrated fourteen winners from the 4th cohort of the USADF and Stanbic Kenya Foundation (SKF) Grant Fund, who collectively received $700,000 (Sh90.3 million).
