Absa Bank has officially launched its Absa Kenya Foundation (AKF), which will serve to promote the bank’s social and environmental contributions in communities.

AKF, sponsored by the bank alongside its strategic partners, will focus on an array of areas, including entrepreneurship, education, natural resource management, and health.

The lender says it will utilize 1.5 percent of its annual earnings to the Foundation.

This will begin with an initial Sh500 million in seed funding, which will be used to drive transformative projects addressing pressing societal challenges.

Its Managing Director Abdi Mohamed emphasized the institution’s role as a driver of sustainable growth in Kenya.

“This Foundation is a crucial step in our journey to create long-term value for society and foster scalable impact,” Mohamed said.

“We recognize that this is a journey we cannot undertake alone. We require strong partnerships to create lasting, impactful change.”

Absa says its entrepreneurship pillar seeks to empower 50,000 micro, small, and medium-sized enterprises (MSMEs) over the next five years, with a focus on inclusivity, women, youth, and persons with disabilities drawn from both genders.

In the Education and Skills pillar, the Foundation aims to reach 1 million youth through its Ready-to-Work initiative, support 50,000 youth through its Fellowship Program, and offer 500 STEM scholarships.

Under the Natural Resource Management pillar, AKF will focus on climate financing, supporting climate-smart agriculture, renewable energy, and tree planting, with one of its key goals being to plant 10 million trees as part of the country’s broader environmental efforts.

In the health sector, the Foundation will work with healthcare professionals and development partners to address critical health challenges, including responding to crises like floods and famine.