Kenyan bank in new CSR plan

May 24, 2010
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, NAIROBI, Kenya, May 24 – The Kenya Commercial Bank (KCB) Foundation has launched a strategic partnership programme that will pave way for joint sustainability initiatives to benefit deserving communities across the region.

KCB Group Chairman Peter Muthoka said the forum offered a rare opportunity for partners to share resources, competencies and ideas in community social investment.

“Our challenge in driving corporate foundations is competition between making profits for shareholders and demonstrating concern for needy communities,” said Mr Muthoka.

He challenged business owners not to be interested in increased returns from investments but demonstrate corporate social responsibility.

“Our diversity of representation in this forum shows our shared desire to work together to elevate our communities; let’s take this forward by signing up today to become ‘Friends of the KCB Foundation’ and through continuous engagement agree modalities for taking advantage of our competencies and synergies for the good of society,” Mr Muthoka urged attendees at the forum’s launch in Nairobi.

KCB Foundation chairperson Susan Omanga said the partnership programme will enable partners to pool resources and channel them more effectively to joint programmes or contribute to those who are better able to run with implementation.

She said friends of the KCB Foundation partnership programme targets public and private organisations, local and international non-governmental organisations, businesses and individuals who participate in community development.

Jacqueline Novogratz, the founder and CEO of Acumen Fund, a renowned philanthropist with immense experience in transforming lives through entrepreneurial innovation challenged corporate organisations to embrace social investment to increase their visibility.

Her fund invests patient capital to identify, strengthen and scale business models that effectively serve the poor and champions this approach as an effective complement to traditional aid.

Acumen Fund currently manages nearly $40 million in investments in South Asia and East Africa, all focused on delivering affordable healthcare, water, housing and energy to the poor in Kenya, Pakistan and India.

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