Co-op Bank Emerges Winner of 2022 Sustainable Finace Catalyst Awards by Kenya Bankers Association

• Co-operative Bank of Kenya emerged the winner in the Sustainable Finance Catalyst Awards 2022
• Co-op Bank Group Managing Director Gideon Muriuki attributed the victory to the lender’s business model
• The bank also scooped awards in Most Innovative Bank in Sustainable Finance and the Best Bank in Financing Commercial Clients categories

Co-operative Bank has emerged as the winner of the 2022 Sustainable Finance Awards.

The bank was named the overall winner of the Kenya Bankers Association (KBA) awards, created to recognise institutions that practice sustainable finance.

Co-op bank’s socio-economic priorities

It also looks at the companies with a direct positive impact on the financial sector, the economy, the environment and society.

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Sustainable Finance Principles require financial institutions to balance their quest for financial returns with the economy’s future priorities and social-environmental concerns.

The lender also won awards in the Most Innovative Bank in Sustainable Finance and the Best Bank in Financing Commercial Clients categories.

Co-op bank Group Managing Director Gideon Muriuki noted that the lender’s business model is built on socio-economic and environmental sustainability.

“Sustainability is fully integrated in our business model that stands on the three pillars of Economic sustainability, Social sustainability and Environmental stewardship.

“As a bank that is predominantly-owned by the 15 million-member Co-operative Movement, we are inclusive by design that has not only enabled us to deliver shared prosperity today but also helped us build awareness and prudence to avoid putting future generations in jeopardy,” said Muriuki.

Co-op bank floored Equity Bank and KWFT, which came in second and third positions, respectively

The selection exercise took three and a half months, with 43 entries submitted by 16 financial institutions.

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This is the third time in five years that Co-op Bank emerged victorious in the sustainable finance awards, having won the overall title again in 2017 and in 2019.

FiRe awards

The lender was feted Best Bank in Sustainable Finance in Kenya at the 2019 Energy Management Awards hosted by the Kenya Association of Manufacturers and also named Overall Winner in Environmental Sustainability Report at the 2019 East African Financial Reporting (FiRe) Awards.

In the KBA 2022 awards, businesses were appraised on whether they have covered the essential indicators, which included the impact on the Gross Domestic Product (GDP), the growth of the business, job creation and support of minority groups, including women and the youth.

Co-op Bank emerged winner for building a sustainability strategy that enables people, businesses and society to grow in a sustainable long-term way.

The awards showcase firms that demonstrate a progressive stance in integrating sustainability practices in their respective institutions.

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Co-op Bank awards in other categories include;

1. Most Innovative Bank

2. Best in Financing Commercial Clients

3. 1st Runners up – Best Sustainable Finance

4. 1st Runners up – Best in Covid-19 Response

5. 2nd Runners up – Best in MSME Financing.

Co-op crowned East Africa’s Bank of the year

In related news, TUKO.co.ke reported that the Co-operative Bank of Kenya received the East African Bank of the year award by African Banker Awards 2022.

The event saw 22 awards presented to key personalities and institutions in Africa’s financial services sector.

The African Banker Awards 2022 Gala Ceremony celebrates excellence and best practices in African banking.

Source: TUKO.co.ke