Absa Bank Uganda has been recognised as the Best Corporate Social Responsibility (CSR) Bank in Uganda and the Best Bank for Sustainable Development Uganda in the 2024 Global Banking & Finance Awards® for its Environmental, Social and Governance (ESG) focused initiatives that drive climate action, financial inclusion and diversity and inclusion.
The awards are meant to reflect the innovation, achievement, strategy, progressive and inspirational changes taking place within the Global Financial community by recognising organisations of all sizes which are prominent in particular areas of expertise and excellence within the financial world.
“Absa Bank Uganda Limited stands at the forefront of economic and sustainable development in Uganda. As a key player in financial services, their efforts extend beyond traditional banking, engaging in partnerships that foster economic development and address socioeconomic challenges within Uganda.
Their initiatives in financial inclusion, education, and sustainable development exemplify the bank’s dedication to driving positive change within the community. Initiatives like the ReadytoWork and strategic partnerships aimed at increasing access to financial services, underscore Absa Bank Uganda’s commitment to impactful banking.
These efforts highlight their leadership in the industry,” said Wanda Rich, Editor, Global Banking and Finance Review.
This is the second time that the bank has received the Best CSR Bank award – with the first being in 2020 thanks to its education and skills development training programs, active participation in support of local communities, and other initiatives.
Mumba Kalifungwa, Absa Bank Uganda’s Managing Director, said, “This is a wonderful recognition of our efforts and we are honoured to have in place efforts aimed at creating a positive impact in the society within which we operate. We recognise that for us to succeed, we must be cognizant of the challenges within our communities and put in the work to try and address them for the good of the people living within them.”
In an effort to keep girls and teen mothers in school as a diversity and inclusion focus, Absa Bank Uganda partnered with various organisations like World Vision, Wakisa Ministries, IEYAWE, TERREWODE, and Mukono High School and supported 2,649 girls through the proceeds of the inaugural Absa KH3 7-Hills Run. The Run was organized in partnership with the Kampala Hash House Harriers.
Absa Bank Uganda adheres to sustainable lending, where Environmental and Social responsibility requirements are considered in all its lending decisions, utilizing a system to support it to identify and therefore avoid, mitigate, and manage risks and possible impacts as a way of doing business sustainably. This is aligned with the UN Sustainable Development Goals (SDGs) and the Paris Climate Agreement.
The bank is intent on reducing its carbon footprint and is delivering on this by focusing on creating efficiencies in its internal operational practices in line with energy usage, water and waste management, thus prioritising business activities that have the most positive environmental, social, and economic impact, while mitigating negative impacts. This all contributed to a 30% energy saving across its operations last year.
Additionally, the bank made a commitment to plant and grow 1 million indigenous, medicinal, and fruit trees in 3 years – through different partnerships with My Tree Initiative, Makerere University, Kabalye Police Training School, Kampala Capital City Authority (KCCA), Mwiri Old Boys Association, Soroti University and others.
Furthermore, in 2023, the bank reached over 40,000 beneficiaries with financial literacy and supported practical capacity-building initiatives for SMEs, as well as preparing youth for the world of work through its ReadytoWork programme.
Helen Nangonzi Basuuta, Absa’s Marketing and Customer Experience Director, said, “We are proud of the strides that have been made over the last few years and I appreciate all the partners that have come on board to see this vision of a more sustainable Uganda come to life. We will continue to push ourselves to deepen the impact of these initiatives in line with our corporate purpose, which is to empower Africa’s tomorrow together, one story at a time.”