Africa’s growth depends on her people having access to quality education, skills training and lifelong learning opportunities, and affordable and accessible healthcare and shelter.
Standard Bank aims to create shared value through our corporate social investment (CSI) initiatives, addressing social needs in a sustainable manner, while also seeking business opportunities. Our CSI programme aims to deliver benefits for the communities in which we operate, while enhancing our visibility and reputation, improving our employee experience, and demonstrating our local relevance.
In Africa Regions, we invested R19.8 million in CSI programmes in 2019. 50% of this spending went to economic empowerment, focusing on entrepreneurship and SME development, including our incubator programmes (R9.9 million); 40% was spent on education (R7.9 million), and 10% on health (R1.9 million).
In South Africa, we focus our investment in education, with the objective of contributing to social and economic transformation in South Africa through supporting the development of future-fit children who are ready for a new world of work. The particular focus of our strategy is on early childhood development and foundation phase education. In 2019, we spent R83.6 million on education initiatives, about 74% of our total CSI budget of R113.6 million. We kept our operational costs to 4.4% of total budget, ensuring that the large majority of spending goes directly to beneficiaries.