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Co-operative Bank named most ethical lender

Posted on 6th Feb 2018 22:10:15 in

From Left to Right, Director General Budget, Fiscal & Economic Affairs Dr. Geoffrey Mwau presents the KBA 2017 Sustainable Finance Catalyst Award to the Co-operative Bank led by Director Credit Anthony Mburu, James Kaburu and Veronica Njore. [Photo/Standard]

Cooperative Bank has been named the most ethical lender in the second edition of awards that recognise the social and environmental impact of investments and loans.

Kenya Commercial Bank (KCB) emerged second overall and Equity Bank third in the Kenya Bankers Association 2017 Sustainable Finance Catalyst Award.

The award attracted 33 entries from 14 institutions who collected accolades for supporting small and medium businesses, promoting the economy, and leading in innovation. Banks were appraised on whether they had covered the essential indicators which included the impact to the gross domestic product, growth of the business, job creation, and support of minority groups including women and the youth.

“As a bank that is predominantly owned by the 14 million-member cooperative movement, we are inclusive by design that has not only enabled us to deliver shared prosperity today, but also to build an awareness and prudence to avoid putting future generations in jeopardy,” said Cooperative Bank Group Managing Director Gideon Muriuki.

Co-op Bank scooped top honours in commercial cases study as well as operations and policies, garnering the most awards.

The ethical yardstick used to balance lenders’ quest for financial returns with the economy’s future priorities and social-environmental concerns attracted giant telco Safaricom, which has muscled its way into the banking sector through mobile money.

Safaricom was recognised as the best institution promoting sustainability through policy and governance. See Also: Co-operative Bank wins 2017 KBA financial sustainability award