Absa Bank Kenya PLC has made progress in enhancing the representation of women-owned businesses within its supply chain, increasing their share from 6% in 2021 to 18% currently. This achievement has led to Absa Bank receiving special recognition from the International Finance Corporation (IFC) as part of the Sourcing2Equal Kenya Program, which acknowledges efforts in promoting inclusive sourcing practices.
Absa Bank has been integrating a greater number of women-led enterprises into its supply chain, to foster inclusion and diversity among its suppliers. The bank has set an ambitious goal to diversify its supply chain by 30% by the end of 2025, with a specific focus on empowering women, individuals with disabilities, and youth-led businesses throughout Africa.
“Absa Bank Kenya is committed to championing inclusive and equitable opportunities for underrepresented groups,” said Absa Bank Kenya Head of Sourcing and Commercial Services, Mr Gilbert Ngetich. “We are not just funding businesses, but we are changing how procurement practices can benefit underrepresented groups to provide them with meaningful economic opportunities.”
The awarding ceremony was held during a high-level event hosted by IFC in partnership with Women Entrepreneurs Finance Initiative (We-Fi) and the Government of Norway, together with 10 corporates in Kenya. The event was in celebration of the strides made by corporate partners in the Sourcing2Equal program in accelerating procurement opportunities for women-owned businesses.
“This recognition is not only a stamp of approval to our commitment in improving access to finance for underrepresented groups, but also to drive supply chain financing for Women-led small and medium enterprises (WSMEs),” said Mr. Ngetich.
As the Sourcing2Equal Kenya Program transitions to its next phase of improving access to finance for women entrepreneurs, he said Absa Bank remains committed to unlocking opportunities for women and other underrepresented groups, reinforcing the Bank’s commitment to driving inclusive economic growth in Kenya and beyond.
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