Standard Bank Group, Africa’s largest bank by assets, has committed $1 million to the African Union Peace Fund over the next five years. This commitment was formalized through a Memorandum of Understanding (MoU) signed at the African Union Peace Fund High-Level Resource Mobilisation event in Accra.
The African Development Bank (AfDB) reports that 85% of Africa’s 1.3 billion people live in conflict-affected or post-conflict areas. To address this, the African Union (AU) has intensified efforts to promote peace through preventive measures.
Yinka Sanni, Chief Executive of Standard Bank Africa Region, emphasized the importance of peace for reducing country risk premiums, facilitating business, and lowering capital costs. He stated that a stable business environment boosts market confidence and protects assets and investments from conflict risks. It also enables businesses to expand and explore new growth opportunities, especially with reduced trade barriers through the AfCFTA.
Felicity Sampong, Head of Risk at Stanbic Bank Ghana, represented Standard Bank at the signing event. She stated that the donation aligns with the bank’s strategy of supporting Africa’s growth and maintaining partnerships with key African organizations, governments, and institutions.
The African Union Peace Fund (AUPF), established in June 1993, finances peacekeeping and security missions, focusing on conflict resolution through mediation and diplomacy. It is a key part of the African Peace and Security Architecture (APSA) and was revitalized in 2018 to support Africa’s Agenda 2063 goal of a peaceful and prosperous continent. The Fund aims to reduce dependency on external resources and enhance its governance and management, allowing the AU to fully fund its peace initiatives and meet its commitment to funding 25% of its peace operations budget.
