These Awards Prove Co-op Bank’s Positive Economic Impact

Managing Director & CEO Gideon Muriuki reveals how the bank is riding the sustainability wave

Co-op Bank Awards: Cooperative Bank of Kenya added another feather to its cap when it was last month named Overall Winner at the Kenya Bankers Association (KBA) 2023 Sustainable Finance Catalyst Awards.

This is the fourth time in six years that Co-op Bank was named overall winner in these KBA awards. It won the overall title in 2017, 2019 and last year 2022, pointing to the fact that the bank is doing not only doing things right but also doing the right things for its customers and the industry. This translates to a positive impact on the economy and society in general.

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The Sustainable Finance Catalyst awards, administered by the banking industry umbrella body KBA, for instance, recognize institutions that practice sustainable finance which has a direct positive impact on the financial sector, the economy, the environment and the society at large.

Sustainable Finance Principles require financial institutions to balance their quest for financial returns with the economy’s future priorities and social-environmental concerns.

In addition to scooping the overall title, Co-op Bank also won in specific award categories that include being named as the Most Innovative Bank, Best in Financing Commercial Clients, Best in Promoting Gender Inclusivity, and the Best in Promoting Accessibility for People with Disabilities (PWD).

“Sustainability is fully integrated in our business model that stands on the three pillars of Economic Sustainability, Social Sustainability and Environmental Stewardship,” Group Managing Director & CEO, Dr Gideon Muriuki, said.

As a bank that is predominantly-owned by the 15 million-member Co-operative Movement that is represented in all regions of the country, he said Co-op Bank is inclusive by design.  “This has enabled us to not only deliver shared prosperity today, but also helped us build an awareness and prudence to avoid participation in activities that risk putting future generations in jeopardy,” Dr Muriuki said.

Co-op bank awards 2023
In addition to scooping the overall title, Co-op Bank also won in specific award categories.

Meanwhile, in September, Co-operative Bank of Kenya was named the best financier of small and medium enterprises (SME) in Africa at the Global SME Finance Awards 2023. The lender won the Gold Award for the SME Financier of The Year in Africa ahead of NMB of Tanzania, which got Silver Award and Kenya’s Equity Bank, which came third with a Platinum Award.

Co-op Bank was also recognized with an Honourable Mention in the “Product Innovation of the Year” category. “In collaboration with IFC and other partners, we have taken time to listen, study and build a most competitive value proposition for SMEs intended to support them realise the goals they have set for themselves,” said Dr Muriuki.

Organised by IFC, a member of the World Bank Group, the Global SME Finance Awards 2023 recognise financial institutions and fintech companies for their outstanding achievements in delivering exceptional products and services to their SME clients.

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