Stanbic Bank Kenya is set to establish a foundation to consolidate and champion its corporate social investments across the country.
This follows shareholder approval for the establishment of the Stanbic Kenya Foundation Limited during the recently held Stanbic Holdings Plc annual general meeting.
The approval paves way for the registration of the foundation following regulatory approval.
Already, Stanbic Bank Kenya has commissioned consultants to review its corporate social investments and assist in the design of the foundation strategy to make it more impactful.
Stanbic Bank Kenya’s Chief Executive, Charles Mudiwa, said that establishment of the foundation is expected to consolidate and accelerate the bank’s corporate social investment initiatives, while cementing its 107 years heritage in Kenya.
“Sustainability is embedded in our business strategy under the Social, Economic and Environmental (SEE) model. We constantly purpose to operate in a way that positively enhances the social, economic and environmental impact of our products and services. Ultimately, we aim to generate economic value in a way that delivers value for Kenya. This is in line with our purpose of driving Kenya’s growth,” Mudiwa added.
The bank’s corporate social investment strategy is anchored on three areas namely Education, Community Health and Well-being, and Entrepreneurship and Enterprise development. Already, there are ongoing initiatives in these areas.
In education, the bank has invested over KSh10 million, supporting 20 secondary school students in partnership with Palmhouse Foundation across the country over the last five years, and an additional 20 children in the SOS children’s village in Nairobi.
It also has an on-going scholarship fund in partnership with Strathmore University for bright and needy students pursuing a finance related course.
Other Stanbic supported projects that are helping drive Kenya’s growth include the M-Kopa partnership that provides pay-as-you-go household solar systems and financial literacy programme Biz Connect, that has trained 240 customers on enterprenuerial skills in partnership with Strathmore Business School.