Finance

Bank of Industry joins signatories to UN sustainable banking principles

Bank of Industry (BoI)

The Bank of Industry (BOI) says it has become an official signatory of the UN sustainable principles for responsible banking.

Hadiza Olaosebikan, the spokesperson of BoI, said this in a recent statement.

The principles for responsible banking, an initiative of UNEP, an agency of the United Nations (UN), provides a framework of six principles for integrating sustainability in the heart of banking operations.

Banks that have signed the UN Principles commit to being ambitious in their sustainability strategies, working to mainstream and embed sustainability into the heart of their businesses while allowing them to remain at the cutting-edge of sustainable finance.

Access Bank Plc, Zenith Bank Plc, Jaiz Bank Plc, Polaris Bank Limited and Wema Bank Plc have all joined signatories.

Olukayode Pitan, BoI managing director, expressed excitement and optimism that the development would boost the bank’s credibility.

“We are honoured to be the first Development Finance Institution in Nigeria to commit to the UNEF FI Principles for Responsible Banking alongside other leading DFIs in the international space,” he said.

“This global framework strengthens our approach to addressing the sustainable development challenges of our economy by critically analyzing our market to identify pressing needs of our communities, environment and customers.

“This partnership, which is another pioneering effort for the Bank, is in line with our dedication to lead the Development Finance industry in Africa to improve the overall strategic impact of our interventions towards environmental management, social development, industrialization, and poverty alleviation, through sustainable finance.”

According to Pitan, the development will position the bank as the leading development bank out of Nigeria — promoting social, environmental and economic development through business operations and activities.

He added that the BoI is proud to join the group of global banks facilitating sustainable finance.

“Signatories to the Principles take on a leadership role, demonstrating how banking products, services and relationships can support and accelerate the changes necessary to achieve shared prosperity for both current and future generations, building a positive future for both people and planet,” he added.

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