Absa Bank Kenya has announced a Ksh.500 million seed funding for transformative projects aimed at addressing societal and environmental issues.
The funding, which constitutes 1.5% of the bank’s annual earnings, will be channeled through its newly launched Absa Bank Kenya Foundation (AKF), with a focus on strategic partnerships to drive sustainable development.
Speaking at the Foundation’s launch event held at Karura Forest, Absa Bank Kenya Managing Director, Abdi Mohamed, reiterated the bank’s dedication to sustainability and community impact.
“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,” he said.
The Foundation’s initiatives are structured into three key pillars namely Entrepreneurship, Education and Skills and Natural Resource Management.
Under the Entrepreneurship pillar , the Foundation aims to empower 50,000 Micro, Small, and Medium Enterprises (MSMEs) over the next five years.
Inclusivity will be a major focus, with 60% of the beneficiaries being women, 30% men, 10% youth, and 5% persons living with disabilities (PLWDs). The Foundation also plans to allocate 10% of its efforts to boost growth in the agriculture sector.
The Education and Skills pillar is designed to equip 1 million youth with job-readiness skills through Absa’s “Ready-to-Work” initiative.
Additionally, 50,000 youth will benefit from the Absa Fellowship Program, and 500 scholarships will be awarded to students in Science, Technology, Engineering, and Mathematics (STEM), aiming to enhance future-ready skills.
In addressing climate change, the Natural Resource Management pillar will spearhead Absa’s contributions to climate financing through various initiatives, including climate-smart agriculture, renewable energy projects, and tree planting campaigns.
A major highlight is the bank’s commitment to plant 10 million trees as part of its low-carbon, climate-resilient development strategy. Collaboration with youth, SMEs, and other stakeholders will be key to the success of these efforts.
Musalia Mudavadi, Kenya’s Prime Cabinet Secretary, and Aden Duale, Cabinet Secretary for the Environment, Climate Change, and Forestry, were among the key government officials who grced the event.
This initiative underscores Absa’s commitment to sustainable development, creating scalable impact, and supporting Kenya’s broader environmental and social objectives.
