Stanbic Bank Highlights Its Inclusive Growth Strategy, Awards Ksh69M To Enterprises

Stanbic Bank Kenya has released its 2021 Report to Society providing a summary of the Banks’ Social, Economic and Environmental (SEE) impact in Kenya and South Sudan. The report shows how Stanbic Bank is driving impact by providing meaningful support to communities and the planet.

This year’s report highlights the Bank’s successful journey towards driving growth in seven key Socio, Economic and Environmental areas, aligned to the UN Global Sustainable Development Goals which include Financial Inclusion, Job Creation and Enterprise Development, Education, Health, Infrastructure, Trade and Investment as well as Environment, Climate Change and Sustainable Financing. The report also demonstrates the Bank’s objective to create shared value by supporting the core pillars of society while also realizing targeted financial returns.

During the launch of the Stanbic report, the bank also announced the second cohort of the USADF Grant Fund who will receive a total of Ksh69,300,000. The winning enterprises include Soko Kijiji Groceries, Kijani Testing Ltd, Blossom Health Essentials, Pickup Mtaani, Kisimani Health Centre, Mayungu High Vision, Natural Char Energy Ltd, Farmers Care Cooperative, Bettana Ventures, Apiculture Ventures and Crafts with Meaning. Under the Accelerate Program Stanbic will continue to provide funds (grants) and access to markets with the aim of positioning Kenyan businesses for success while addressing the skills gap in the country by boosting entrepreneurship and employability of citizens.

Congratulating the winners of the grant fund, the Head of the Stanbic Kenya Foundation, Ms Pauline Mbaya said, “I would like to commend the winners for successfully completing the program. We have made meaningful strides today towards addressing a significant skills gap in the country. This program has helped accelerate entrepreneurship and the employability of citizens. We are increasingly prioritizing the need for our bank to help chart a sustainable and equitable future, whether through upskilling in digital training or deepening the efforts to ensure accessible and affordable digital solutions to under-banked and unbanked individuals.”

Speaking during the launch event, Stanbic Bank Kenya Chief Executive, Mr Charles Mudiwa said, “We have always remained committed to driving growth in both Kenya and South Sudan, enhanced by our Social, Economic and Environmental initiatives. Our success can be attributed to our approach that requires us to remain resilient in a dynamic environment, to be innovative by using technological transformation in the development and delivery of our products and services, and to remain relevant in the market. Our customers have been our inspiration to continuously look for ways to improve while giving back to society.”

In 2021, Stanbic Bank maximized positive impact through the Stanbic Kenya Foundation by building on its longstanding expertise and commitment to advancing financial inclusion. The bank partnered with the United States African Development Foundation (USADF) to provide grant funding to local Micro, Small and Medium Enterprises (MSMEs) in Kenya. Already a total of Ksh107 million has been released for both the first and second Cohort winners, as they continue to go through the entrepreneurial skills and financial wellness program.

Stanbic Bank has been intentional in driving diversity and inclusivity, where Ksh3.4 billion in loans have been issued to women entrepreneurs through the DADA proposition.

The bank has managed to conduct 20 training sessions reaching 1,300 clients. In addition, the bank runs a mentorship and sponsorship program for young and bright students under the Palmhouse Foundation and has managed to disburse scholarships valued at Kshs 1.28 million.  By supporting the health pillar, the bank partnered with Population Services Kenya through the Tunza Clinics to ensure early testing and screening for cancer and have reached over 10,000 women from low-income areas in Nairobi, Mombasa, Nakuru, Kericho, Meru, Laikipia and Kiambu where residents do not have access to affordable healthcare.

Driving the transition to a low carbon economy, Stanbic Bank facilitated sustainable financing structured to incentivize borrowers to improve their sustainability or transformation profiles. In 2021, Stanbic Bank acted as the Lead Transaction Advisor and SBG Securities Limited was the Lead Placement Agent for the Acorn Green Bond. The green bond funds are being used to construct eco-friendly, purpose-built student accommodations for students. The bank has also taken significant steps to enhance mitigation and adaptation to the effects of climate change.

Speaking during the event, the Head of Risk and Chair of the SEE Agenda at Stanbic Bank, Edwin Mucai said, “We continue to make progress in driving impact by applying industry-leading solutions to accelerate sustainable development. We work with governments, development finance institutions and other commercial banks to finance large-scale infrastructure projects to address Kenya’s infrastructure gaps and enable inclusive and sustainable industrialization. We also partner with key stakeholders to facilitate access to affordable and clean energy. Stanbic Bank is supporting companies that are seeking to diversify their power sources to reduce costs and enhance reliability. Additionally, through our Trade and Investment pillar, we facilitate domestic and cross-border trade as an avenue of creating opportunities in the effort to reduce poverty in East Africa.”

Edwin further noted that, “I am excited about the progress we are making towards sustainable development. All our pillars are well aligned to the Sustainable Development Goals to ensure we are deriving maximum impact. We understand that meaningful partnerships and ambitious goals will help us build the momentum that we are already gathering. We have had a positive journey toward meeting our sustainability objectives and this year, we aim to achieve more goals under our SEE agenda, because we believe it’s possible, “IT CAN BE.”

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