Banking Sector Enabling A Sustainable Future
Banking Sector Enabling A Sustainable Future
The banking industry continues to have the right incentives, putting us on the path to a more sustainable future. KCB Group, in particular, has stood out for its commitment to complying with legislation and regulations that enhance economic development and protect communities and the environment.
The operations, products, and services of KCB Group Operating Entities, have promoted the dignity of communities and safeguarded the environment.
Revenues increased by 22% to KShs.142.9 billion, bolstered by both funded and nonfunded lines across the subsidiaries. KCB Group recorded KShs. 45.8 billion in profit after tax for the first nine months of the year, keeping it ahead of its closest rival Equity Group.
Banking Sector Enabling A Sustainable Future
Last week, it secured a Project Preparation Facility (PPF) of USD 540,000 (KShs69 Million) from the Green Climate Fund (GCF) for its concept note on MSMEs’ ClimateSound Technologies for Production Efficiency and Business Value in Kenya.
The approval which came on the sidelines of the COP29 climate talks in Baku, Azerbaijan, enables KCB to extend funding to MSMEs to commence green projects, unlocking climate innovation and the investments urgently needed to respond to climate change.
The Group is committed to remaining a leading green financier and positioning ‘2jiajiri’, its social impact platform. The platform has created employment opportunities for young people with over 4,880 beneficiaries recruited for training in 2024. 33 beneficiaries were recruited under the sea farers program in 2024, registered 2,425 businesses, developed 6,639 business plans and created 6,164 direct jobs in 2024.
Banking Sector Enabling A Sustainable Future
On “Mifugo Ni Mali” project, KCB commercialized livestock production in ASAL areas, trained farmers in poultry and blue economy value chains and has availed inputs extension services and market linkages for farmers.
The bank has received a project preparation facility of KSh 69M which will unlock approval funding worth USD 118.25 M which will impact 2 million MSMEs.
Education-wise, KCB has seen a 98% university transition rate, currently supporting 4,285 students. Consequently, ten students have been awarded scholarships to Ivy League Universities.
KCB Group Operating Entities shall continually endeavour to develop sustainability performance management in line with international best practice, ensuring long term business success while contributing towards economic and social development, a healthy environment and a stable society.
By 2025, KCB aims to allocate 25 percent of its total loan portfolio to sustainable projects standing out against its closest rival Equity Bank which doesn’t have much information right now about its specific targets for allocating its loan portfolio to sustainable projects by 2025 despite its commitment to growing its SME and climate finance.
