The new year looks bright for Cooperative Bank. In 2019 Cooperative Bank was named the overall winner of the Sustainable Financial Initiative (SFI) Catalyst Awards for financial service providers. Therefore, this means that the bank has to keep up with the best standards that they have been immured to.
The theme of the 2019 awards was “Recognizing Catalytic Finance that Impacts Industry, Economy and Society”, the awards were unveiled in 2016 by the Kenya Bankers Association to celebrate institutions that have embedded the SFI Guiding Principles.
The awards attracted a total of 47 entries from 14 financial institutions. The ceremony was presided over by Central Bank of Kenya Governor Dr Patrick Njoroge and Treasury Principal Secretary Dr Julius Muia.
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.
CBK Governor Dr Patrick Njoroge noted that commendable strides had been achieved by the initiative in building capacity of bank employees on sustainable finance.
“To date, over 28,000 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,’’ said Dr. Njoroge.
Best in Sustainable Finance in the East Africa Region
CBA
Most Improved Bank
KWFT
Dr Njoroge observed that the industry has continued to develop strategies that ensure sustainable growth through technology such as the “Stawi” digital credit innovation recently launched by President Uhuru Kenyatta.
Through “Stawi,” micro, small and medium enterprises (MSMEs) can access unsecured loans at 9% from as little as Ksh30,000 to as much as Ksh250,000. “Ensuring financial inclusion is an integral component towards Kenya’s attainment of its Vision 2030,” he said.
Kenya Bankers Association CEO, Dr Habil, said SFI Catalyst Awards were a signal that the industry is putting measures and identifying clear performance indicators that will safeguard our global competitiveness and secure a better future for this nation.
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).
