Kenya: Absa Bank launches Foundation to drive its social-economic impact

Absa Bank Kenya has officially launched the Absa Kenya Foundation (AKF). The Foundation is expected to accelerate its positive impact and sustainability commitments within the community. The Foundation will be sponsored by the Bank and its strategic partners and will focus on four key pillars. These are entrepreneurship, education and skills, natural resource management, and health and humanitarian relief.

The Bank will contribute 1.5% of its annual earnings to the new Foundation, starting with Ksh. 500 million as seed funding toward transformative projects. These projects will be implemented through strategic partnerships to address major societal and environmental issues.

The Foundation’s Entrepreneurship pillar aims to empower 50,000 MSMEs over the next five years, with an emphasis on inclusivity. 60% women, 30% men, 10% youth, and 5% dedicated to Persons Living with Disabilities (PLWDs). Additionally, 10% of efforts will be directed towards generating growth in the agriculture sector.

The Education and Skills pillar aims to reach 1 million youth through the Ready-to-Work initiative, support 50,000 youth through the Absa Fellowship Program, and award 500 Science, Technology, Engineering, and Mathematics (STEM) scholarships.

The Foundation plans to expand climate financing contributions under the Natural Resource Management pillar to address climate change concerns through programs such as climate-smart agriculture, renewable energy, tree planting, and tree growing. The Foundation will advocate for low-carbon, climate-resilient development in collaboration with youth, SMEs, and other stakeholders, with the commitment to plant 10 million trees acting as a cornerstone.

Under the Health and Humanitarian Relief pillar, the Foundation will work with development partners and healthcare professionals to address major health issues and promote preventative care. This pillar will also prioritize responding to humanitarian crises such as floods and famine.

Speaking at the launch, Absa Bank Kenya MD Abdi Mohamed said, “The establishment of this Foundation is yet another step forward in our journey to lead and innovate within the financial sector, acting as a catalyst for positive, lasting change. This presents us with an important opportunity to build upon our past experiences to strengthen our ability to create lasting shared value and scalable impact for our communities in a sustainable manner.”

Source: hapakenya.com