NAIROBI, Kenya, July 22 – Stanbic Holdings spent over Sh100 billion last year to promote sustainability, micro, small, and medium enterprises (MSMEs), and trade in Kenya and South Sudan.
The Group says that the investments facilitated trade and investment, developed sustainable finance solutions, improved financial inclusion, and empowered the community through health, education, and SME initiatives.
About Sh15 billion ($122 million) was supported for climate change mitigation and adaptation under the Environment pillar.
Likewise, Sh46 million in grants was injected into MSMEs, with Sh95.7 billion in trade.
“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,” Stanbic Bank Kenya and South Sudan Chief Executive Joshua Oigara said during the launch of the Group’s 2023 Sustainability Report, which details how it generated, sustained, and maximized positive impact on society, the environment, and the economy during the year.
“We will also drive diversity and inclusion in our business, all while maintaining the highest standards of sustainability reporting,” he added.
The report also shows that Sh40 billion worth of loans were advanced to small businesses, boosting their capacity as well as job creation.
Sh635 million similarly went into affordable housing projects, among others.
“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,” Priscilla Were, the Head of Sustainability at Stanbic Bank, said.
“We will also continue to leverage our robust Environmental and Social (E&S) risk management framework to ensure that we add value to the society sustainably and responsibly.‘’
