Nairobi 15th November 2019 – Cooperative Bank has once again been announced as this year’s overall winner of the Sustainable Finance Initiative Catalyst Awards for financial service providers. An independent judging panel placed Equity Bank Group second overall position and KWFT in the third position.
Themed Recognizing Catalytic Finance that Impacts Industry, Economy and Society, the award was unveiled in 2016 by the Kenya Bankers Association to celebrate institutions that have embedded the SFI Guiding Principles. The awards attracted 47 entries from 14 financial institutions. The awards ceremony was presided over by Central Bank of Kenya Governor Dr. Patrick Njoroge.
The awards finalists included ABC Bank, Barclays/Absa, Co-operative Bank, Credit Bank, DTB, Equity Bank Group, Faulu Microfinance Bank, KCB Group, KWFT, National Bank, NCBA, Rafiki Microfinance Bank, Stanbic Bank, and Standard Chartered Bank.
In his remarks during the awards gala that brought together a wide range of stakeholders from the financial services sector, Central Bank of Kenya Governor Dr. Patrick Njoroge noted that commendable strides had been achieved by the initiative in building capacity of bank employees on sustainable finance.
“I am informed that over 28 thousand bank employees have been trained to have an appreciation of ensuring that their financing decision is guided by the wider societal concerns of the environment and the economy,” noted Dr. Njoroge, urging the banking industry to embrace a forward-looking approach while financing commercial activities.
Speaking at the awards ceremony, KBA Chief Executive Officer Dr. Habil Olaka said Kenya’s banking industry has tremendous potential in aiding the country to transition into a green economy.
“As envisaged in Kenya’s Green Economy Strategy and Implementation Plan, the country needs about KES. 2.4 trillion to attain this feat. I am glad that green bonds were identified as one of the innovative tools that can lead to this transition. With the interest rate cap repealed by parliament, I believe it will unlock bank green bond issuance in the near future”.
Dr. Olaka highlighted the importance of the SFI Catalyst Awards, saying they signify that the industry is putting measures and identifying clear performance indicators which will safeguard our global competitiveness and secure a better future for this nation.
The Award categories were as follows:
- Best in Sustainable Finance
- Case Study:
- Client Case Study – SME
- Client Case Study – Commercial
- Bank Case Study – Operations
- Bank Case Study – Promoting Gender Inclusivity
- Bank Case Study – Financing the Informal Sector
- Sustainability Through Policy & Governance
- Most improved Bank Award
- Best Overall Award
The judging panel for the 2019 Sustainable Finance Catalyst Awards consisted of Ms. Joyce Njogu (Consulting Head – Kenya Manufacturers Association). Prof. Kenneth Amaeshi ( Business and Sustainable Development – University of Edinburg), Dr. Peter Muriu (Financial Economics Consultant), Mr. Sandy Okoth (SFI Expert-WWF), Eng. Dan Likuyi Ndenga (Chemical Engineer), with support from Ms. Nuru Mugambi(KBA).
Established in 2016 by KBA, the awards recognise catalytic finance initiatives that impact the industry, the economy and society. This year, 47 institutions submitted entries, showcasing ways by which they have integrated sustainability in lending and business operations.
2019 Catalyst Awards Winners:
Category 1 – Best in Sustainable Finance | |
Position | Bank |
1st Place | Standard Chartered Bank |
2nd Place | Co-operative Bank |
3rd Place | Equity Bank Group |
Category 2 A: Client Case Study -Financing Small and Medium Enterprises | |
Position | Bank |
1st Place | Co-operative Bank |
2nd Place | KWFT |
3rd Place | Equity Bank Group |
Category 2 B: Client Case Study -Financing Commercial Client | |
Position | Bank |
1st | Equity Bank Group |
2nd | CBA |
3rd | Co-operative Bank |
Category 2 C: Bank Case Study – Operations | |
Position | Bank |
1st Place | Standard Chartered Bank |
2nd Place | Co-operative Bank |
3rd Place | Equity Bank Group |
Category 2 D: Bank Case Study – Promoting Gender Inclusivity | |
Position | Bank |
1st Place | KWFT |
2nd Place | Equity Bank Group |
3rd Place | Standard Chartered Bank |
Category 2 E: Financing the Informal Sector | |
Position | Bank |
1st Place | Equity Bank Group |
2nd Place | Co-operative Bank |
3rd Place | National Bank |
Category 3: Most Innovative Bank | |
Position | Bank |
1st Place | Equity Bank Group |
2nd Place | Standard Chartered Bank |
3rd Place | Co-operative Bank |
Category 4: Best in Sustainable Finance int the East Africa Region | |
Position | Bank |
1st Place | CBA |
2nd Place | KCB |
3rd Place | No Award |
Best Overall Winner | |
Position | Bank |
1st Place | Co-operative Bank |
2nd Place | Equity Bank Group |
3rd Place | KWFT |
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Most Improved Bank | |
Position | Bank |
KWFT | |
About the Sustainable Finance Guiding Principles & Industry Standards
The Kenya banking industry in March 2015 adopted the Sustainable Finance Initiative (SFI) Guiding Principles that guide the banks in balancing their business goals with the economy’s development priorities and socio-environmental concerns. The SFI Principles that were officially launched by the Central Bank of Kenya Governor Dr. Patrick Njoroge on 1st December 2015 are grounded in three main priorities, namely equipping the financial services sector to perform optimally in the area of comprehensive risk management; enhancing business practice, leadership and governance; and promoting industry growth and development by fostering a culture of innovation and inclusivity enabled by new technology.
The Principles draw from and harmonize several global best practice standards, including the Equator Principles, IFC Performance Standards, Nigerian Sustainable Banking Principles, African Development Bank (AfDB) Green Growth Policy, Global Reporting Initiative (GRI) Reporting Guidelines, UNEP Finance Initiative (UNEP-FI) Guidelines, UN Global Compact Principles, ISO 26000:2010, and Kenya’s National Climate Change Policy (draft).
Media Contacts:
Ms. Nuru Mugambi, Director of Communications and Public Affairs, Kenya Bankers Association Phone: +254-20-2221704/2224014, Email: nmugambi@kba.co.ke
