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Access Bank harps on adherence to NSBP

By on September 26, 2014

Access Bank Plc has stressed the need for operators in the banking sector to comply with the October 7 reporting deadline for the Nigeria Sustainability Banking Principles (NSBP).

Speaking at a NSBP pre-reporting workshop for bankers, organised by Access Bank in Lagos yesterday, the bank’s Chief Risk Officer, Mr. Greg Jobome noted that with the commencement of NSBP reporting in the country, there is need for banks to build capacity in that area.

“One key thing we need to do as we begin to report sustainability is to understand where we are and for the industry to be on a level playing field, which is central in moving our market forward,” Jobome added.

He said the event was to help develop capacity on NSBP reporting.
Also, a Deputy Director at the Central Bank of Nigeria (CBN), Mr. Frankline Ahonkhai  who spoke on regulatory reporting and expectations, said it was necessary for reporting institutions to have an implementation plan with realistic timelines in order to successfully implement the NSBP guidelines .

According to him, it is important for banks to report and implement sustainability principles because their services have impact that cuts across various sectors.

“It lays emphasis on funding transactions that have developmental impact on the economy.
“The purpose of the reporting template is to provide reporting institutions with a uniform format for reporting their implementation efforts,” Ahonkhai stated.

On her part, the guest speaker at the event, the Managing Director/Chief Executive Officer, Sustainable Finance, United Kingdom, Carey Bohjanem urged banks to take environmental issues seriously in considering their risk management.

According to her, Nigerian banks that are yet to implement the banking principles should collaborate with those that have implemented the NSBP to seek ways to assess and manage the environmental and social risks associated with such investment activities.

Also, sustainability consultant Kaidi Eddie-Obiakor of DiiGEM consulting noted that most banks in Nigeria that started sustainability reporting years back, have discovered that there is nothing to fear about openness in business transactions and corporate social responsibility reporting.

The CBN had on March 6, 2014 issued the NSBPs reporting template to banks, discount houses and development finance institutions for compliance. According to the central bank, sustainability reporting would commence in June 2014 with the submission of the one-off report (first quarter) not later than July 7, 2014.
The circular also required that the second quarter one-off report should be submitted to the CBN not later than October 7, 2014.

 

 

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