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August 31, 2022

Access Bank leading sustainable banking in Nigeria – DMD

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Access Bank PLC is at the forefront of Sustainable Banking in Nigeria, the Deputy Managing Director, Ms.. Chizoba Okolie has said.

She spoke at the Sustainable Banking Roundtable organised by his bank, Central Bank of Nigeria (CBN) Fianacial Nigeria, in Abuja, yesterday.

According to her, “Creating a society where sustainable development lies at its core has become a priority for us at Access Bank.

“We initiated and led development of Nigerian society Banking principles, a set of nine principles approved by the CBN to guide the Nigerian Banking industry to embed sustainability in their business operations and practices.

“We also work with United Nations Environment Programs Finance institute and other leading banks as the only west African banks to develop the principles for responsible banking.

“The principles serve as the global standard of benchmark for banking decisions to form responsive financial institutions.

“Serving as Africa’s consultative leader will galvanize five Nigerian banks and their CEOs to become signatories to the principles.

“We also work with United Nations Environment Programs Finance institute and other leading banks as the only west African bank to develop the principles for responsible banking. The principle serves as the global standard of benchmark for banking decisions to form responsive financial institutions.”

According to her, to achieve the overall global development agenda, “Getting financing right and sustainable banking is very critical. In fact without this the global community will not, be able to meet the development goals by 2030.”

The DMD added, “Is is common knowledge that the two tax of global financial assets has been estimated to a total of $303billion.

“Undoubtedly the financial sector have a clear role to play in all these and all key stakeholders need to join them to Achieve the desired outcomes.”

The DMD said that the round table was particularly important at a time when the Nigerian sustainable banking principle were undergoing a revisit by CBN.

Benefits

The bank chief said that Access Bank’s commitment to sustainability has yielded great benefits, adding, “we have significant progress in embedding sustainability as a core of our business decisions, operations and practices.

“Thereby impacting lives positively now and in the future. In Nigeria our sustainable development effort has cut across a wide range of sectors, from the health and educational sector to strengthening the vocational skills that are bound in Nigeria.”

In her remarks, the Special Adviser to the Governor of the Central Bank of Nigeria, Dr. Aisha Mahmood, noted that since the adoption of the Nigerian sustainability banking principles, Nigerian financial institutions have been integrating economic and social framework to manage risks and opportunities in their business processes and activities.

She said, “The adoption of these iconic certification standards will go a long way in helping us in shaping that process.”

She explained that the CBN was reviewing the Nigerian Sustainable Banking Principle which has been implemented for over a decade to align with global best practices.