By Mourice Seretta
KCB Bank Kenya has been named the overall winner during the 2021 Financial Reporting (FiRe) Awards, which seek to celebrate and acknowledge financial institutions which have embraced reporting.
In total, the Bank bagged six awards which were; Winner Best in Kenya, Best Bank Category and Best among the Listed Companies. The bank also emerged the first runners-up Corporate Governance Category and second runners-up Integrated Reporting Category.
“The awards are a testament of the deliberate focus we have put in enhancing our reporting, being a responsible corporate, which believes in transparency and accountability. Today, we capture all aspects of our business in our Integrated Report for the good of all our stakeholders,” said Joshua Oigara KCB Group CEO and MD.
FiRe Award is aimed at promoting integrated reporting through enhancing accountability, transparency, and integrity. This is done to enhance compliance with the appropriate financial reporting framework, and other disclosures on governance, social and environmental reporting by private, public and other entities domiciled in East Africa.
KCB Group publishes their financial statements every year as part of their transparency to shareholders and the public and to meet statutory requirements for listed companies.
Additionally, the bank is investing heavily in their digital platform dubbed Vooma. This has increased the banks efficiency and improved the user experience when interacting with the bank processes. Today, 98 percent of all bank transactions are conducted outside the branch. The bank has also onboarded 2 million customers onto their digital platform and aim to grow this to 10 million over the next two years.
(FiRe) Award is the most prestigious and coveted Award in East Africa for financial reporting. The award is presented annually during a gala evening by the joint promoters; the Capital Markets Authority (CMA) Kenya, the Institute of Certified Public Accountants of Kenya (ICPAK), the Nairobi Securities Exchange (NSE) and the Public-Sector Accounting Standards Board-Kenya (PSASB).
This year, the Bank was recognized by the Middle East & Africa Innovations Awards 2021 (The Digital Banker) for the Best ESG Award and as the Best Bank in Kenya by Global Finance, World’s Best Bank Awards 2021.