Equity Group launches 2024 Sustainability Report on Africa’s transformation

Equity Group Holdings Plc marked a significant milestone with the launch of its fourth annual Sustainability Report for 2024, themed “A Sustainable World is a Transformed Africa,” underscoring the pivotal role of global sustainability practices in driving the continent’s socio-economic and environmental evolution.

The comprehensive report, unveiled at a high-profile event, showcases Equity’s measurable progress and deepened integration of sustainability into its governance, operations, and partnerships, positioning the financial institution as a trailblazer in addressing Africa’s pressing challenges—climate change, financial inclusion, and social protection—through its innovative Tri-Engine Model.

Highlighting Equity’s expanded impact, the report spotlights the Equity Group Foundation’s Social Protection pillar, which has empowered over 447,000 vulnerable individuals, including refugees and host communities, through initiatives like the Inua Jamii program, disbursing KES 25.8 billion (USD 199.7 million) in cash transfers and KES 4 billion (USD 31 million) in affordable credit.

The Foundation’s efforts extend to training 245,675 farmers, geo-mapping 178,138 farms, and distributing 44,732 clean energy products valued at USD 28.5 million, reaching 466,975 households, while also planting 35 million trees to combat climate change.

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At the launch, Equity Group Managing Director and CEO Dr. James Mwangi emphasized, “Sustainability is not just a goal for Equity Group; it is the guiding principle that defines how we do business, shaping our investments and partnerships to ensure inclusive, enduring prosperity, empowering refugees, smallholder farmers, and communities with clean energy and financial opportunities through our Tri-Engine Model.” Chairman Prof. Isaac Macharia added, “Sustainability is the foundation of our purpose, strengthening governance and systems to deliver long-term value and shared prosperity across Africa’s transformative journey.”

The event also saw praise from H.E. Arnaud Suquet, French Ambassador to Kenya and Somalia, and Dr. Stephen Jackson, UN Resident Coordinator in Kenya, who lauded Equity’s leadership in sustainable finance, with the bank earning global accolades like Second Strongest Banking Brand in the World by Brand Finance and Euromoney’s Best Bank for Corporate Social Responsibility in Africa.

In a parallel announcement, Equity Bank Kenya Limited released its inaugural Sustainable Development Impact Disclosure (SDID) Report, developed in partnership with J.P. Morgan, offering a transparent view of its contributions to the Sustainable Development Goals (SDGs). The report details how the bank’s capital deployment yields tangible socio-economic and environmental outcomes across its seven markets—Kenya, Uganda, Tanzania, South Sudan, Rwanda, DRC, and a representative office in Ethiopia—alongside subsidiaries like Equity Afya and Equity Life Assurance.

Key 2024 achievements include an 18% reduction in waste (362 tons from 441 tons), with 46% paper recycling, and KES 846.6 million (USD 6.6 million) invested in training 12,081 employees in ESG governance and leadership. The Foundation’s education arm supported 38,000 scholars with a 95% completion rate and placed 181 graduates in jobs, while its Health program served 3.3 million patients across 127 centers in Kenya and five in DRC.

Dr. Mwangi noted, “This milestone reinforces our leadership in transparent, impact-based reporting, measuring success in progress for people, communities, and the planet.” Equity’s ESG risk management enhancements, including solar lending and a GHG digital tool, further solidify its commitment to a resilient, inclusive future, making this report a blueprint for Africa’s sustainable transformation.