Absa Bank Kenya has taken a significant step towards boosting its socio-economic impact with the launch of the Absa Kenya Foundation (AKF). This initiative is designed to amplify the bank’s commitment to sustainability and community welfare, focusing on critical areas that can drive transformative change.
The Mission of the Absa Kenya Foundation
The Absa Kenya Foundation aims to create a positive ripple effect within society by addressing four core pillars: entrepreneurship, education and skills, natural resource management, and health and humanitarian relief. Here’s a closer look at each of these vital areas.
1. Empowering Entrepreneurs
At the heart of the Foundation’s mission is its Entrepreneurship pillar, which seeks to empower 50,000 Micro, Small, and Medium Enterprises (MSMEs) over the next five years. The goals include:
-
Inclusivity Focus: The initiative will prioritise support for:
- 60% women
- 30% men
- 10% youth
- 5% Persons Living with Disabilities (PLWDs)
-
Agricultural Growth: Recognising the importance of agriculture, 10% of efforts will focus on this sector, aiming to stimulate local economies and enhance food security.
2. Advancing Education and Skills
The Education and Skills pillar is set to reach 1 million youth through innovative programmes. Key initiatives include:
- Ready-to-Work Initiative: This programme will provide essential skills for the workforce.
- Absa Fellowship Program: Supporting 50,000 youth with mentorship and training opportunities.
- STEM Scholarships: Awarding 500 scholarships to students in Science, Technology, Engineering, and Mathematics fields.
By focusing on education, Absa Bank is laying the groundwork for a skilled workforce that can contribute to the economy.
3. Promoting Natural Resource Management
The Foundation is committed to addressing climate change through its Natural Resource Management pillar. The goals include:
- Climate Financing: Expanding contributions to climate finance initiatives.
- Tree Planting Commitment: Aiming to plant 10 million trees, supporting environmental sustainability and biodiversity.
- Low-Carbon Development: Advocating for climate-resilient development practices in collaboration with youth, SMEs, and various stakeholders.
Through these efforts, Absa Bank seeks to mitigate the adverse effects of climate change while promoting sustainable practices.
4. Supporting Health and Humanitarian Relief
The Health and Humanitarian Relief pillar will tackle critical health issues and provide support during humanitarian crises. Objectives include:
- Collaborative Efforts: Partnering with healthcare professionals and development organisations to enhance health services and preventative care.
- Crisis Response: Actively responding to humanitarian emergencies, such as floods and famine, ensuring communities receive the support they need.
By addressing health challenges, the Foundation aims to improve the overall well-being of communities.
Commitment to Community Transformation
Absa Bank has pledged 1.5% of its annual earnings to fund the Foundation, starting with Ksh. 500 million as seed funding for transformative projects. This financial commitment underscores the bank’s dedication to driving real change within communities.
Speaking at the launch, Absa Bank Kenya MD Abdi Mohamed stated, “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.” His remarks highlight the bank’s focus on creating lasting shared value and scalable impact.
The Road Ahead
The launch of the Absa Kenya Foundation marks a pivotal moment for Absa Bank as it strives to make a significant socio-economic impact. The commitment to support entrepreneurship, education, natural resource management, and health aligns with the bank’s broader goals of fostering sustainable growth and community resilience.
Through collaborative efforts and strategic partnerships, the Foundation aims to address pressing societal challenges, ultimately leading to a more prosperous and sustainable future for all Kenyans.
