Absa Bank Kenya Business Banking Director Elizabeth Wasunna, Chief Human Capital Director Mumbi Kahindo, MD & CEO Abdi Mohamed, Board Chairman Charles Muchene, Ministry of Environment, Climate Change & Forestry CS Hon. Aden Duale, Prime CS Hon. Musalia Mudavadi, Board Members Christine Sabwa and Kedibone Imathiu and CFO Yusuf Omari during the launch of the Absa Kenya Foundation at Karura Forest.
Absa Bank Kenya PLC has officially launched the Absa Kenya Foundation (AKF), marking a significant step in its commitment to social responsibility and sustainability within the community. The Foundation aims to drive positive change through four key programmatic pillars: entrepreneurship, education and skills, natural resource management, and health and humanitarian relief.
The Bank has pledged to allocate 1.5 percent of its annual earnings to the Foundation, starting with KES 500 million in seed funding for transformative projects. These initiatives will be implemented in collaboration with strategic partners to address pressing societal and environmental challenges.
During the launch event, Managing Director Abdi Mohamed highlighted the Foundation’s role as a catalyst for sustainable shared value in society. “This is another step forward in our journey to lead and innovate within the financial sector. We aim to create lasting impact for our communities in a sustainable manner,” Mr. Mohamed stated.
Prime Cabinet Secretary Musalia Mudavadi emphasized the urgent need for collaboration between the government and the private sector in tackling critical issues such as poverty alleviation, education, and climate change. He noted the Foundation’s launch is particularly timely, given the pressures on government resources.
“Collaboration with the private sector is essential to address our shared challenges, including climate change,” said Aden Duale, the Cabinet Secretary for Environment, Climate Change and Forestry. He stressed that strategic partnerships are necessary to achieve the ambitious goal of planting 15 billion trees in the coming years.
The Foundation’s Entrepreneurship pillar aims to empower 50,000 micro, small, and medium enterprises (MSMEs) over five years, with a strong focus on inclusivity. The target includes 60 percent women, 30 percent men, 10 percent youth, and 5 percent individuals living with disabilities. Additionally, 10 percent of efforts will concentrate on boosting growth in the agriculture sector.
In the Education and Skills pillar, the Foundation plans to engage 1 million youth through its Ready-to-Work initiative, support 50,000 through the Absa Fellowship Program, and award 500 scholarships in Science, Technology, Engineering, and Mathematics (STEM).
The Natural Resource Management pillar will expand climate financing efforts, advocating for climate-smart agriculture, renewable energy, and the planting of 10 million trees to foster low-carbon, climate-resilient development.
The Health and Humanitarian Relief pillar will focus on addressing major health challenges and responding to humanitarian crises, such as floods and famine, through partnerships with development organizations and healthcare professionals.
Mr. Mohamed concluded by reiterating the importance of collaborative efforts, stating, “We recognize that this is a journey we cannot undertake alone. Robust partnerships will form a solid foundation for the success of this endeavor.”
The Absa Kenya Foundation represents a comprehensive approach to socio-economic development, aimed at creating sustainable, long-term benefits for Kenyan communities