Absa Bank Kenya, in partnership with Safaricom, has announced a joint commitment of Kshs 2 million towards a mangrove reafforestation project aimed at preserving coastal ecosystems in Kilifi County.
The initiative, launched on the sidelines of the ongoing 2024 Magical Kenya Ladies Open, will see the planting and nurturing of 100,000 mangrove trees aimed at restoring the fragile mangrove ecosystems along the coastline. This will be implemented in partnership with, Takaungu Beach Management Unit, a local community group.
(TOP: Absa Bank Kenya’s Head of Sustainability, Communications, and Corporate Affairs, Charles Wokabi, alongside Safaricom’s Senior Manager, Evelyne Serro plant a mangrove tree at Takaungu Creek in Kilifi County).
While commenting on this partnership, Absa Bank’s Chief Financial Officer, Yusuf Omari, stated that the initiative underscores the bank’s sustainability agenda, aligning with its partners’ shared values of environmental stewardship and community empowerment.
“As an active force for good brand whose heart beats for our communities, we care about the communities around us and the environment in which we operate. Our partnership with Safaricom to undertake mangrove reafforestation reflects a sustainable approach to preserving biodiversity, mitigating climate change effects, and enhancing the resilience of coastal ecosystems,” said Omari.
Karen Basiye, Safaricom’s Director for Sustainable Business, Social Impact & the Foundations, stated: “This partnership is a reflection of Safaricom’s commitment to its Environmental, Social, and Governance agenda. It will also take us a step closer to being a net-zero carbon-emitting company by 2050.”
U.COM Event Managing Director Dirk Glittenberg commented: “It’s encouraging to see our partners, Absa Bank and Safaricom, taking such proactive steps to preserve coastal ecosystems. Mangrove trees are vital in the fight against climate change, and this initiative demonstrates a meaningful commitment to environmental conservation. By partnering with local communities, these organizations are not only safeguarding our planet but also empowering coastal residents. The Magical Kenya Ladies Open remains committed to leaving a positive impact in this region, either directly or through our valuable partners, and it is, therefore, heartening to witness such collaborative efforts towards a more sustainable future.”
“This year, we are targeting to plant over 1.5 million trees countrywide as part of our wider commitments and become a net-zero organization by 2040. We believe our efforts will also complement the government’s initiatives towards achieving 30 percent forest cover by 2032,” Omari added.
Mangrove trees, known as the ‘lungs of our coastlines,’ absorb up to 900 tonnes of CO2 annually, aiding in combating the climate crisis. Their robust root systems also serve as effective barriers against storms and tsunamis, mitigating damage to coastal communities and reducing the impact of these catastrophic events.
Absa Bank Kenya, a part of pan-African lender Absa Group, is listed on the Nairobi Securities Exchange and has a rich history in Kenya spanning over 105 years. The Bank is one of Kenya’s largest financial services institutions, providing personal, business, and institutional banking, bancassurance, FX, wealth and investment, and advisory solutions. The Bank has a regional and global footprint, allowing it to provide end-to-end financial services, and has been associated with a number of market firsts, including the launch of the first ATM, WhatsApp banking, Sharia-compliant banking, and unsecured lending.
Absa Bank Kenya has presence in 38 counties, with 83 branches and 208 ATMs, supported by a robust Internet and Mobile Banking platforms.