Absa Bank Kenya has bagged the prestigious Sustainable Finance Initiative (SFI) Catalyst Awards, hosted by the Kenya Bankers Association (KBA).

The recognition underscores the bank's unwavering dedication to fostering positive environmental change through sustainable lending practices.

In a triumphant display at the seventh edition of the SFI Catalyst Awards, Absa Bank emerged as a standout performer, securing top honours in multiple categories.

The bank clinched the titles for "Best in Bank Operations" and "Best in Sustainable Finance," solidifying its position as the third overall best bank.

Additionally, Absa Bank secured second place in the "Best Bank for Promoting Gender Inclusivity" category and claimed the third spot in the "Most Innovative Bank" category.

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Managing Director of Absa Bank Kenya, Abdi Mohamed, expressed gratitude for the accolades, stating, "We are honoured to be recognized by the Kenya Bankers Association SFI Catalyst Awards as it validates our ongoing sustainable development initiatives."

"As a bank, we believe in the power of sustainable finance to generate positive change, and these awards demonstrate our dedication to making a positive influence on society and the environment in which we operate. We remain committed to advancing sustainable development throughout the country," he added.

Absa Bank's Sustainability Manager Rufus Mwenda (far left) receives Best Bank in Sustainable Finance award from NSE CEO Geoffrey Odundo during 2023 SFI Awards. He was joined by Antoninah Moturi and Fred Odungo. PHOTO/COURTESY

As part of its commitment to sustainable finance, Absa Bank Kenya recently pledged to double its sustainable finance allocation to Sh120 billion within three years. 

This commitment aligns with the bank's refreshed sustainability goals.

In the past year alone, Absa Bank has disbursed approximately Sh60 billion in sustainable finance, encompassing green finance and inclusive finance components.

Mohamed further stated that their ambition was to continue significantly expanding their investment in that space as they scaled their support for sustainable development across all their economic sectors.

"Our ambition is to continue significantly expanding our investment in this space as we scale our support for sustainable development across all our economic sectors," Mohamed stated.

The MD also mentioned that people could therefore expect to see them playing an even bigger and bolder role, specifically in renewable energy, energy efficiency, green building, and climate-smart agriculture sectors in the days ahead.

"You can therefore expect to see us playing an even bigger and bolder role, specifically in renewable energy, energy efficiency, green building, and climate-smart agriculture sectors in the days ahead," he added.

The Sustainable Finance Initiative (SFI) Awards, initiated by the Kenya Bankers Association in 2016, aims to recognize banks that practice catalytic finance with a profound impact on the banking industry, the nation's economy, and society at large.

Absa Bank Kenya's notable achievements at the awards underscore its pivotal role in driving positive change through sustainable financial practices.