ABC Bank has been awarded for its innovative financing solutions which have created long-term value for clients in the agricultural sector at this year’s Kenya Bankers Association (KBA) Sustainable Finance Initiative (SFI) Catalyst Awards.
ABC Bank support for clients in the agriculture space saw the lender take second position (best case study in financing a commercial client category) at the SFI Catalyst Awards which recognise financial sector players for their efforts in creating long-term value for their clients, the economy, and environment.
The bank’s products have enabled its clients to achieve growth, enhance efficiency, innovate on their products, and consequently expand to new markets.
ABC Bank managing Director Shamaz Savani said that the SFI Catalyst Award reflects the bank’s commitment to ensuring it promotes the sustainability agenda in communities where it operates which is in line with its Ethical Pillar and banking charter.
“We have demonstrated that innovative financing solutions can create long-term value for clients especially in the agriculture sector which is the biggest sector in Kenya’s economy and therefore has the biggest potential to uplift the quality of lives and livelihoods while taking care of the environment,” said Mr. Savani.
The bank also supported clients in agriculture during the COVID-19 pandemic to recover faster from the effects of the pandemic, and to continue positively impacting the communities they serve.
ABC Bank is also eyeing additional investment in the sector which is poised for growth due to proposed plans by the government to heavily invest in the sector which is Kenya’s biggest employer.
Data from Economic Survey 2022 show education employed a total of 609,200 people in 2021, being the leading sector holding the highest number of jobs, representing 20.95 percent in the Kenyan labour market.
The government’s bullishness on the sector is also on the back of the sector’s ability to reduce the high cost of living.