Absa Bank Boosts Women-Owned Supplier Share to 18%, Earns IFC Recognition
This notable progress has earned the bank recognition from the International Finance Corporation (IFC) under the Sourcing2Equal Kenya Program, which honors companies that promote inclusive sourcing practices.
Absa Bank Kenya Head of Sourcing and Commercial Services Mr. Gilbert Ngetich (2nd Right) receives an award from IFC Principal Country Officer-Kenya Gillian Rogers (second from left) during the Sourcing2Equal Kenya Program awards ceremony. Looking on are Fred adungo- Absa Bank Kenya's Governance and Reporting Manager, and Sharon Mworia from the SME Banking team. The award recognises Absa Bank's commitment to integrating more women-led enterprises into its supply chain, fostering more inclusion and diversity among its suppliers.
By Jessica Nyaboke
Absa Bank Kenya PLC has significantly expanded its inclusion of women-owned businesses in its supply chain, growing their representation from 6% in 2021 to 18% in 2024.
This notable progress has earned the bank recognition from the International Finance Corporation (IFC) under the Sourcing2Equal Kenya Program, which honors companies that promote inclusive sourcing practices.
The IFC award highlights Absa’s ongoing commitment to fostering diversity and inclusivity in its procurement processes. The bank has set a bold target to diversify its supplier base by 30% by the end of 2025.
This strategy not only aims to support women-led enterprises but also emphasizes the inclusion of youth-led and disability-owned businesses across Africa.
Speaking at the award ceremony, Absa Bank Kenya’s Head of Sourcing and Commercial Services, Mr. Gilbert Ngetich, reiterated the bank’s focus on transforming procurement into a vehicle for meaningful economic empowerment.
“Absa Bank Kenya is committed to championing inclusive and equitable opportunities for underrepresented groups. We are not just funding businesses—we are changing how procurement practices can provide lasting economic opportunities,” he stated.
The award ceremony was held during a special event organized by the IFC in collaboration with the Women Entrepreneurs Finance Initiative (We-Fi) and the Government of Norway.
The event brought together 10 leading Kenyan corporations and celebrated their milestones in creating more procurement opportunities for women-led businesses.
Mr. Ngetich emphasized that the recognition not only affirms Absa’s drive to improve access to finance for underserved groups but also reinforces its commitment to supporting supply chain financing for women-led small and medium enterprises (WSMEs).
As the Sourcing2Equal Kenya Program prepares for its next phase—focused on enhancing access to finance for women entrepreneurs—Absa Bank has reaffirmed its dedication to unlocking growth opportunities for women and marginalized communities.
This initiative forms part of the bank’s broader mission to promote inclusive economic development across Kenya and the wider African region.
Through these inclusive sourcing efforts, Absa Bank continues to demonstrate leadership in integrating diversity into core business operations, paving the way for more equitable economic participation in the corporate sector.
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