KCB SHINES AT THE  2024 KBA SUSTAINABLE FINANCE AWARDS

KCB  Group  has once again solidified its leadership in sustainability and inclusivity by winning five top awards at the 2024 Kenya Banker’s Association (KBA) Sustainable Finance Awards. The accolades, announced during the inaugural Banking Industry Sustainable Finance Summit & 2024 Catalyst Awards in Nairobi, demonstrates  KCB’s unwavering commitment to embedding sustainable and inclusive practices across its operations.

The bank emerged victorious in :  promoting persons with disabilities (PwD) accessibility, best in sustainable finance, and promoting gender inclusivity. Additionally, KCB clinched second place in both the overall award and financing commercial clients categories.

KCB Group Plc: A Legacy of Responsible Banking

Speaking at the event, KCB Group CEO Paul Russo expressed his pride in the bank’s achievements, stating  : “We are incredibly proud of these awards, which underscore our ongoing commitment to embedding sustainability and inclusivity in every facet of our operations. At KCB, we are dedicated to responsible finance and creating lasting value that benefits our communities, environment, and economy. These accolades are a testament to the collective efforts of our entire team towards a sustainable future.”

Since 2016, the KBA Sustainable Finance Initiative has recognized organizations that integrate environmental, social, and governance (ESG) principles into their operations. This year’s awards underscore  the role of Kenya’s banking sector in advancing sustainable development.“KCB’s success showcases the bank’s enduring commitment to sustainability, gender inclusivity, and responsible financial practices,” said Raimond Molenje, Acting CEO of KBA.

KCB’s commitment to sustainability is evident through its wide  ‘environmental and social due diligence (ESDD) framework, which has evaluated Kshs. 1.1 trillion in lending since its inception. The framework ensures that lending decisions align with sustainable practices, focusing on social impact and climate resilience. 

The bank’s green loans portfolio currently stands at Kshs. 34.7 billion, accounting for 19.34% of its total portfolio, with an ambitious target of 25% by 2025. KCB’s efforts are further supported by a USD 540,000 (Kshs. 69 million) grant from the Green Climate Fund (GCF) to prepare a larger USD 118.25 million (Kshs. 15.3 billion) project aimed at benefiting 2.7 million direct beneficiaries.

Inclusivity is a cornerstone of KCB’s operations. The bank’s female-led and made enterprise (FLME) programme  has disbursed Kshs. 115 billion to women-owned businesses, empowering over 700,000 entrepreneurs and impacting millions of lives. KCB also dedicates 10% of its tenders to special interest groups (SIGs), reinforcing its commitment to diversity and opportunity.

KCB’s recognition at the 2024 KBA Sustainable Finance Awards highlights its alignment with the UN Sustainable Development Goals (SDGs), particularly SDG 12 (Responsible Consumption and Production) and SDG 13 (Climate Action). The bank’s initiatives demonstrate its role as a trailblazer in sustainable finance and its dedication to Kenya’s green and inclusive future.

As KCB continues to lead by example, these accolades serve as a testament to its enduring commitment to fostering sustainable growth, advancing financial inclusion, and making a lasting positive impact on society.