Stanbic Holdings Plc announced its investment of over KES 100 billion in projects and initiatives aimed at promoting sustainability, micro, small and medium enterprises (MSMEs), and trade in Kenya and South Sudan throughout 2023. This announcement was made during the launch of the Group’s 2023 Sustainability Report, which highlights the Group’s efforts to generate, sustain, and maximize positive societal, environmental, and economic impacts.
Key initiatives included the issuance of USD 122 million (approximately KES 15 billion) in sustainability-linked loans and the facilitation of KES 95.7 billion in trade. The Group also advanced KES 46 million in grants and catalytic funding to MSMEs in collaboration with strategic partners and provided over 230,000 meals through the Gatina Primary school feeding program. Additionally, Stanbic partnered with USADF and GIZ to enhance the capabilities of over 1,500 MSMEs.
Under the environmental pillar, Stanbic focused on climate change mitigation and adaptation, issuing USD 122 million in sustainability-linked loans and training clients on ESG practices. The bank also achieved a 95 percent waste recycling rate.
Head of Sustainability at Stanbic Bank Kenya and South Sudan, Priscilla Were (Far Left), Stanbic Bank Kenya and South Sudan Chief Executive, Joshua Oigara (Second Left), Nairobi Securities Exchange Chief Executive Officer, Frank Mwiti (Center), PS for Investment Promotion, Ministry of Investments, Trade and Industry (Second Right) and Stanbic Bank Kenya Board Chairman, Joseph Muganda (Far Right) during the Stanbic Bank Kenya 2023 Sustainability Report Launch held in Nairobi.
Social initiatives included advancing access to affordable housing, implementing a school feeding program, providing free cancer screenings, and enhancing digital literacy. These efforts created jobs, drove income growth, and improved access to quality education and health services. In total, KES 40 billion in loans were advanced to small businesses, KES 635 million was allocated to affordable housing, and 6.5 percent of procurement spend was directed to women-owned vendors. The Group also provided free cancer screenings to 10,637 beneficiaries.
Governance improvements saw Stanbic integrating diversity and inclusion across the Group, achieving 38 percent female representation in senior management and at the Board level. The Group also strengthened its internal governance framework and maintained high standards of sustainability reporting.
Dr. Joshua Oigara, Chief Executive Officer of Stanbic Bank Kenya and South Sudan, emphasized the Group’s commitment to sustainability: “Sustainability is a core element of our operations. In the past year, we made significant progress in integrating ESG principles into our core operations. We remain committed to making meaningful impacts in Kenya and South Sudan through sustainable and inclusive solutions.”said Oigara
Priscilla Were, Head of Sustainability at Stanbic Bank, added, “We have embedded sustainability in our strategy and geared our processes, solutions, and initiatives towards creating shared value for our stakeholders. As of the end of 2023, green and sustainability-linked facilities comprised about 8 percent of the Group’s lending portfolio. In 2024, we are focused on expanding our green lending portfolio, entrenching financial inclusion, deepening our climate action, and enhancing our ESG alignment across all business units.” Priscilla stated
Stanbic Bank Kenya and South Sudan Chief Executive, Joshua Oigara (Left) and Stanbic Bank Kenya Board Chairman, Joseph Muganda (Right) during the Stanbic Bank Kenya 2023 Sustainability Report Launch held in Nairobi
Select highlights from the 2023 report include Stanbic’s role as the sole lender of a USD 87 million project finance facility to support Kenya’s Road Annuity Program, and a partnership with NBA Africa and the Luol Deng Foundation to construct a FIBA standard outdoor basketball court in Juba.
The Group’s sustainability efforts are aligned with various global and local sustainability reporting and disclosure standards, including the Global Reporting Initiative (GRI) Standards and the International Sustainability Standards Board (ISSB) IFRS S1 & S2, among others.
The comprehensive initiatives and strategic partnerships underscore Stanbic Holdings’ commitment to driving growth, sustainability, and socio-economic development in Kenya and South Sudan.