Drawing from experiences of banks certified under the Sustainability Standards and Certification Initiative, the Nigerian Sustainable Banking Principle (NSBP) Steering Committee, chaired by leading financial organization – Access Bank PLC, recently hosted an e-conference themed “Sustainability Standards for Value-Based Financial Institutions”, in partnership with the European Organisation for Sustainable Development (EOSD).
The Nigerian Sustainable Banking Principle (NSBP) Steering Committee is the guiding body for the adoption of sustainability-driven initiatives and processes in Nigeria’s financial ecosystem.
Dr. Aisha Usman Mahmood, Special Adviser to the Governor of the Central Bank of Nigeria on Sustainable Banking while giving the opening remarks at the conference, acknowledged the importance of the Sustainability Standards and Certification Initiative (SSCI). According to her, Nigerian financial institutions are opportune to have a very robust framework, in terms of the Nigerian Sustainable Banking Principles that allow the integration of sustainability considerations in environmental, social and governance practices into lending and investment decision making. However, she noted that, “the SSCI’s cutting-edge sustainability standards would be an enabler for creating strong, value-driven and profitable financial institutions.”
Agreeing with Dr. Mahmood’s position, while drawing from personal experiences, Omobolanle Victor-Laniyan, Head, Sustainability, Access Bank PLC, said, “SSCI is not the same as other principles or standards we have obtained. Embracing the SSCI and adopting the standards has brought us closer to where we desire to be – which is the reason why we have been trying to ensure that we make sustainability the standard in all the markets we operate in.
She emphasized that SSCI, has had a transformational impact on Access Bank adding that, “SSCI ensures you do things right and you are committed to it regardless of where you are on your sustainability journey.”
Embracing SSCI standards has led to Access Bank championing initiatives and creating processes that have made the Bank, a leading voice in Sustainability in Nigeria’s financial ecosystem. Based on the remarkable results, Victor-Laniyan challenged other Nigerian financial institutions to complete the certification process for SSCI within six months.
Arshad Rab, Chairman, International Sustainability Council and CEO, European Organisation for Sustainable Development (EOSD), noted, that having more financial institutions adopt the standards of the SSCI would lead to an economy which works for businesses and society alike, including those who have been historically marginalized.
“An economy which works within the planetary boundaries and does not erode or destroy the very ecosystems upon which it fully depends. An economy which is resilient to shocks, resilient through strong economic fundamentals and by treating the root causes of chronic economic diseases. An economy which also makes emerging disruptive technology and industrial revolutions work for both developing and industrialized nations,” he stated.
The e-conference had presentations from leaders of financial institutions that have either been certified or are in the process of becoming certified. This includes Arshad Rab, Chairman, International Sustainability Council and CEO, European Organisation for Sustainable Development (EOSD); Patricia Ojangole, Managing Director and CEO, Uganda Development Bank; Omobolanle Victor-Laniyan, Head, Sustainability, Access Bank PLC; Mr. Romani De Silva, Deputy Chair and Managing Director, Alliance Finance Company PLC, Sri Lanka; Dr. Jesimen T. Chipika, Deputy Governor, Reserve Bank of Zimbabwe; Lolade Awogbade, Ass. Vice President Sustainability Specialist, Development Bank of Nigeria PLC; and Ifeoma Uzokpala, Group Head, ESG and other Non-Financial Risks, Bank of Industry Limited, Nigeria.
