NAIROBI Kenya June 13– Standard Chartered Bank of Kenya is seeking to raise up to 10 percent of its revenue from sustainable sources pegged in line with its sustainable economic growth perspective pegged on its client business segments – Corporate Commercial and Institutional Banking (CCIB) and Consumer, Private & Business Banking (CPBB).
Chief Executive Officer of Standard Chartered Bank Kariuki Ngari, remarked that the focus on sustainable economic growth has allowed the firm to provide much-needed funding, donations, infrastructure, and skills throughout the year in line with meeting the goals set under the United Nations Sustainable Development Goals.
“In 2021, we reflected and sharpened our impact ambitions, approach, and priorities and linked them to the most pressing needs in society. Our inaugural Sustainability Impact Report highlights the efforts we have made to accelerate the stewardship of our environment, widen economic participation between and within communities, and address the growing imbalances brought about by globalization,” Ngari said.
According to the bank’s sustainability report, over 85 percent of FX client activities originated on digital platforms enabling the bank to increase efficiency and improve service levels.
The bank also created an inclusive culture, promoting ethical conduct and supporting colleagues’ well-being. Gender parity on the Board has improved performance.
“In cybersecurity, the bank has invested over Shs 200 million over the last few years to deploy first-in-class technology and training to fight financial crime and fraud, ” the bank said in a statement.
The bank also launched and signed a three-year strategic partnership with the Nairobi Arboretum Conservancy Community Forest Association (NACCFA) to rehabilitate The Nairobi Arboretum Park and promote urban green spaces through the restoration of running paths, support education, and create awareness of environmental conservation in the community as part of accelerating to net zero in our communities.
While Kenya was recovering from the COVID-19 pandemic, the bank established The Bouncing Back Program, which targeted 500 girls, including those with impairments, to help minimize adolescent unemployment. Soft loans, startup grants, and psychosocial support were all part of the effort.
The program facilitates the growth of income-generating activities for young women who have been harmed by the economic hardships brought on by the Covid-19 pandemic.
The bank is aligned with the United Nations Sustainable Development Goals and a signatory of the United Nations Environment Programme Finance Initiative’s Principles for Responsible Banking which ensures that the bank collaborates with peers who share a common commitment to the value of the principles and implement best practices and standards.
