Co-operative bank has been declared overall winner at the Kenya Banker’s Association (KBA) 2022 Sustainable Finance Initiative (SFI) Catalyst Awards.
Co-op Bank topped as a result of building a sustainability strategy that allows people, businesses and society to expand in a way that is sustainable in the long term.
The award ceremony was honored by Capital Markets Authority (CMA), Chief Executive Officer, Paul Muthaura who featured the awards aim of recognizing banks and other financial sector players in their pursuit at balancing their immediate business goals with the economy’s future priorities and socio environmental concerns.
“Today’s awards are a symbol of yet another stride that the sector has taken to recognize concrete and practical steps institutions are taking to deliver an efficient, profitable and green economy. I therefore congratulate all the participants for their proactive and leading role to these ends,” he said.
The award themed, “Recognising Catalytic Finance that impacts industry, economic and society” was launched in 2016 sought to present banks and other financial firms that drive sustainability by driving it in their core business operation strategy and governance structures.
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.
“Sustainability is fully integrated in our business model that stands on the three pillars of Economic sustainability, Social sustainability and Environmental stewardship,” Co-op Bank CEO and Group Managing Director, Dr. Gideon Muriuki commented.
“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,” he added.
Equity Bank Group came second while Kenya Women Finance Trust (KWFT) emerged third.
Other banks that participated in the contest were National Bank, Kenya Commercial Bank (KCB), NCBA Bank, Faulu Microfinance Bank, ABC Bank and Standard Chartered Bank.
This is the third time since 2017 and 2019 that Co-op Bank has emerged victorious in the sustainable finance awards.