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Access Bank, others advocate adoption of sustainable banking principles

By BusinessNews Staff on December 29, 2013

As part of its strategy towards enhancing the implementation of the Nigerian Sustainability Banking Principles, Access Bank Plc, International Finance Corporation and other signatories of the NSBP have advocated a holistic implementation of the NSBP in order to contribute to the development of the society.

A statement made available to our correspondent on Thursday stated that the signatories while presenting their scorecards at the to the IFC and relevant stakeholders within the industry at the just concluded NSBP Knowledge Sharing Conference noted that there was a need to encourage knowledge and experience sharing among industry players and other international organisations if the objective of the NSBP would be achieved.

According to the Chairman of the committee, Dr. Gregory Ovie Jobome, who also serves as Access Bank’s Chief Risk Officer, the conference is convened to foster a holistic implementation of the NSBP by encouraging knowledge and experience sharing amongst industry players and other international organisations like the IFC and Sustainable Finance Ltd.

He explained that the bank’s objective as the chair of the NSBP Steering Committee, and Co-host of the event was to encourage practices that would aid the actualisation of the objective of the committee in ensuring the successful implementation of the Nigeria Sustainable Banking Principles across Nigeria’s financial institutions.

Gregory added that the NSBP was developed by and for the banking sector in Nigeria to signal the industry’s commitment to economic growth that was environmentally responsible and socially relevant, noting that the bank had successfully embedded sustainability into the core of its operations by initiating capacity development of its employees so that all staff understands what sustainability means to the bank.

He added, “We believe that sustainable banking is good business; If we appropriately manage risks and opportunities, we will enhance our; overall risk management which in turn reduces costs and liabilities; ability to access capital and attract foreign investors and partners; aid financial and non-financial performance as well as operational efficiencies; improve the banks’ ability to attract and retain talent; and enhance growth prospects by reaching new markets and innovating new products and services.”

Although, many of the signatories identified the need to embrace sustainable banking practices, some of the challenges yet to be addressed include the need to enhance capacity building of staff, encourage adoption by stakeholders as well as promote industry collaboration on knowledge sharing as well as engaging with clients on the requirements of NSBP.

[Punch]

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