- Cooperative Bank was recognised as best overall bank in Sustainable Finance
Co-operative Bank of Kenya is the overall winner in the 2021 Sustainable Finance Initiative Catalyst Awards convened by the Kenya Bankers Association (KBA).
An independent judging panel also settled on Equity Bank Kenya for the second overall place and KWFT Bank for the third position overall.
In the individual categories, Equity Bank Kenya was declared the winner as the Best Bank in Financing Small and Medium-sized Enterprises, Sidian Bank came in second and Co- operative Bank of Kenya emerged third.
In the category assessing bank activities in Financing Commercial Clients, Co-operative Bank of Kenya was recognized as the winner, while ABC Bank took second place, and third place was Equity Bank of Kenya.
Standard Chartered Bank of Kenya emerged the winner as the bank with best case study in bank operations. Absa Bank came in second while I&M Bank came in third place. This Award sought to recognize banks that ensured optimum management of their financial resources and natural capital.
KWFT was pronounced as the winner for the best bank in promoting gender inclusivity in the industry.
SBM Bank came in second place, while Equity Bank Kenya took the third place. The Awards judging panel recognized Co-operative Bank of Kenya as the Most Innovative Bank, followed by Standard Chartered Bank of Kenya while Equity Bank of Kenya took the third place.
In light of the strides taken to cushion households and the economy from the health crisis, a new category was introduced to assess the best bank response to the COVID 19 Pandemic.
Equity Bank Kenya emerged first in this category, followed by Co-operative Bank of Kenya and KCB Group took third place.
In the Best in Sustainable Finance category, KCB Group took the first position, Co-operative Bank of Kenya emerged second place with Equity Bank Kenya taking third place.
The awards themed: “Recognising Catalytic Finance that Impacts Industry, Economy and Society”, were launched in 2016, and this year, they sought to honour institutions that had embedded the industry’s Sustainable Finance Guiding Principles in their core operations and lending practices. The principles, designed to articulate the industry’s aspirations of creating long-term value for the economy, the environment and society at large, aim to highlight the sector’s leadership and innovation while reinforcing the role banks, play towards sustainable development.
The Awards finalists included: NCBA, Stanbic Bank, National Bank of Kenya, Family Bank, and Credit Bank.
“Through entrenching sustainable finance practices directly into bank’s core day-to-day operations, we can fundamentally contribute to the fight against climate change, social exclusion and economic inequality in the country,” said KBA Chief Executive Officer, Dr. Habil Olaka. “The winners of the Catalyst Awards have demonstrated that the industry is taking steps to ensure that their investment activities are carried out responsibly in line with international best-practices,” he added.
Global Compact Network Chairperson and Sasini Group Managing Director, Mr. Martin Ochieng graced the event as the chief guest. He said “Globally, financial institutions are increasingly taking a leading role in ensuring their businesses are run sustainably, be it in fighting corruption, limiting the firm’s impact on climate or even advancing workplace inclusion. I am glad the KBA Secretariat has established the SFI Catalyst Awards to further encourage the sector to advance the sustainability agenda in the country.”
In the course of the three and half-months exercise, 43 entries were submitted by 16 financial institutions. The judging panel for the Sustainable Finance Catalyst Awards constituted of the following:
- Ms. Kaori Yasuda – Regional Strategic Partnership and Program Development Coordinator, IUCN
- Eng. Dan Ndenga – Co-founder of Miltech (Returning judge)
- Ms. Nuru Mugambi – Responsible Investment and Financial Inclusion Policy Advisor
- Dr. Peter Muriu – Senior Lecturer, University of Nairobi (Returning judge)
- Mr. Jackson Kiplagat – Head of Conservation, WWF – Kenya (Chairperson)
- Dr. Dorcas Beryl Otieno – UNESCO Chair holder at the Kenyatta University
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