In today’s business operation, the financial services sector has shifted focus from being solely concerned about the profitability of business ventures to a more expanded focus that incorporates Environmental, Social and Governance (ESG) factors in evaluating sustainability potentials. ESG criteria have become the mainstream non-financial metrics used to gauge businesses success and sustainability.
At Stanbic IBTC, the bank’s management took deliberate steps to adopt and implement appropriate ESG strategies. It instituted the SEE (Social, Environmental and Economic) approach to promote sustainability as a way of doing business, and to ensure a coordinated approach towards achieving our ESG goals. Driving sustainable growth and value remained a strategic priority for the Group.
We thus focused on driving meaningful impacts across our identified seven SEE impact areas namely: Education, Health, Job Creation and Enterprise Growth, Financial Inclusion, Africa Trade and Investment, Infrastructure, Climate Change and Sustainable Finance.
Cleaner Energy
The bank’s energy efficiency programs, adoption of cleaner energy sources, waste management programs and implementation of tree planting projects were testament to the Group’s commitment to reduce carbon emission and climate change impacts associated with our operations.
On the social front, the Group’s Corporate Social Investment (CSI) framework remained focused on three key areas: education, health, and economic empowerment. Meaningful and impactful CSI projects were executed in the course of the year, with deliberate effort to ensure a wider spread of CSI projects across the geopolitical zones in the country.
In addition to its CSI programs, the bank continued to embark on targeted sponsorships and donations with tangible social, environmental and economic impacts.
One of such sponsorship programmes included the five-year sponsorship deal with the Higher Institution Football League and sponsorship of other youth centred programmes. In line with its social commitments, it continued to prioritise the health and safety of all stakeholders.
The Group acknowledges that to accelerate progress in achieving the global sustainable development goals (SDGs), partnerships with clients and other stakeholders are necessaryThe organization is commit to being an active players in driving sustainability conversations and industry action aimed at promoting sustainable development in Nigeria and the world.
In 2021, the Group rode on its strong management team, industry expertise, and strong sustainability pillars, which led to the significant progress recorded in its sustainability journey as an organisation.
Its four core sustainability pillars – building environmental resilience, enhancing social relationships, expanding business model and innovation, and strengthening leadership for sustainability governance continued to underpin the bank’s sustainability strategy. Stanbic IBTC continued to prioritise environmental and social risk management by identifying material ESG issues applicable to its business operations and activities, developing and strengthening existing management strategies to address these challenges, setting targets and action plans to achieve the targets, and getting employees involved every step of the way.
Carefully, the bank provided appropriate financial solutions and implemented programs that promoted its success while creating shared values for its clients and stakeholders. The bank understands that its success is inextricably linked to the well-being of the society and environment where they operate.
Women Empowerment
This is why they commenced a women empowerment programme titled the Ladies At The Table Empowerment Series (LATTES), which seeks to promote women’s economic empowerment through trainings and support for Nigerian women in the business world. This is in addition to the other women economic empowerment programs facilitated in the year through our Blue Women Network (BWN).
In line with the Central Bank of Nigeria’s ‘Nigeria Sustainable Banking Principles’, the bank launched the Blue Blossom account in 2021 to offer women better and easier access to finance their businesses, bridge the financing gap for women in their various careers and businesses, and promote their economic empowerment. This report demonstrates the bank’s profound commitment to sustainability, which is integral to its corporate strategy.
