Co-operative Bank was named Overall Winner at the Kenya Bankers Association (KBA) 2022 Sustainable Finance Catalyst Awards. The awards recognize institutions that practice sustainable finance, which has a positive impact on the financial sector, economy, environment and 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 Most Innovative Bank in Sustainable Finance and Best Bank in Financing Commercial Clients.
During the awards ceremony held on on 21st Sept. 2022, Equity Bank emerged second overall while Kenya Women Microfinance Bank (KWFT) came third. The selection took three and half-months, with 43 entries submitted by 16 financial institutions.
This is the third time in five years that Co-op Bank has emerged victorious in the sustainable finance awards, having won the overall title again in 2017 and in 2019. The latest award adds to other recent recognitions Coop Bank has received for the strong credentials in Sustainable Finance and related sustainability practices.
The bank was named as Best Bank in Sustainable Finance in Kenya at the 2019 Energy Management Awards hosted by the Kenya Association of Manufacturers and also named Overall Winner in Environmental Sustainability Report at the 2019 East African Financial Reporting (FiRe) Awards.
Businesses were appraised on whether they have covered the essential indicators which included the impact to the Gross Domestic Product (GDP), the growth of the business, job creation and support of minority groups including women and the youth.
Co-op Bank Citation
Co-op Bank emerged winner for building a sustainability strategy that enables people, businesses and society to grow in a way that is sustainable in the long-term. The awards showcase demonstrate a progressive stance in integrating sustainability practices in their respective institutions.
“Sustainability is fully integrated in our business model that stands on the three pillars of Economic sustainability, Social sustainability and Environmental stewardship,” the Group Managing Director & CEO of Co-operative Bank, Dr Gideon Muriuki, said. “As a bank that is predominantly-owned by the 15 million-member co-operative movement, we are inclusive by design that has not only enabled us to deliver shared prosperity today, but also helped us build an awareness and prudence to avoid putting future generations in jeopardy.”
Co-op Bank awards in other categories include:
- Most Innovative Bank
- Best in Financing Commercial Clients
- 1st Runners up – Best Sustainable Finance
- 1st runners up – Best in Covid-19 Response
- 2nd runners up – Best in MSME Financing.