Nairobi: Absa Bank Kenya PLC has made progress in enhancing the representation of women-owned businesses within its supply chain, increasing their share from six percent in 2021 to 18 percent currently. According to Kenya News Agency, this achievement has led to the Bank receiving special recognition from the International Finance Corporation (IFC) as part of the Sourcing2Equal Kenya Program, which acknowledges efforts in promoting inclusive sourcing practices.
The award is a testament to Absa Bank’s commitment to integrating a greater number of women-led enterprises into its supply chain, reflecting the organization’s dedication to fostering inclusion among its suppliers. The Bank has set an ambitious goal to diversify its supply chain by 30 percent by the end of 2025, with a specific focus on empowering women, individuals with disabilities, and youth-led businesses throughout Africa.
Speaking while receiving the award, Absa Bank Kenya Head of Sourcing and Commercial Services, Mr. Gilbert Ngetich, said, “Absa Bank Kenya is committed to championing inclusive and equitable opportunities for underrepresented groups. We are not just funding businesses, but we are changing how procurement practices can benefit underrepresented groups to provide them with meaningful economic opportunities.”
The awarding ceremony was held during a high-level event hosted by IFC in partnership with Women Entrepreneurs Finance Initiative (We-Fi) and the Government of Norway, together with 10 corporations in Kenya. The event was in celebration of the strides made by corporate partners in the Sourcing2Equal program in accelerating procurement opportunities for women-owned businesses.
“This recognition is not only a stamp of approval of our commitment to improving access to finance for underrepresented groups but also to driving supply chain financing for Women-led small and medium enterprises (WSMEs),” added Mr. Ngetich.
As the Sourcing2Equal Kenya Program transitions to its next phase-improving access to finance for women entrepreneurs-Absa Bank remains committed to unlocking opportunities for women and other underrepresented groups, reinforcing the Bank’s commitment to driving inclusive economic growth in Kenya and beyond.