Banking
Polaris Bank, Union Bank Restate Commitment to Environmental Sustainability
By Adedapo Adesanya
In commemoration of the 2023 World Environment Day, observed yearly on June 5, Polaris Bank, one of Nigeria’s leading digital financial institutions, has restated its commitment to environmental sustainability in the country.
The annual event is led by the United Nations Environment Programme (UNEP), which is observed globally to encourage awareness and action for the protection of the environment. This year marks the 50th anniversary of the event.
The theme of the 2023 World Environment Day was Solutions to plastic pollution, with the hashtag #BeatPlasticPollution.
Plastic pollution is a major environmental problem. Every year, millions of tons of plastic waste end up in our oceans, landfills, and waterways. This plastic can harm wildlife, pollute our air and water, and contribute to climate change.
Specifically, and in line with the theme of the 2023 World Environment Day, Polaris Bank said it is taking proactive measures to address challenges of waste management and plastic pollution while supporting the United Nations’ Sustainable Development Goals (SDGs), Nigerian Sustainable Banking Principles (NSBPs) and United Nations Environment Programme Finance Initiative (UNEP FI’s) Principles of Responsible Banking
Polaris Bank, as part of its environmental sustainability focus, said it has invested in waste management, plastic collection, renewable energy adoption, education, inclusivity, and carbon reduction. The Bank contributes to individuals’ needs and societal goals by implementing sustainable practices and guidelines while ensuring a responsible and environmentally conscious business strategy.
“In managing the environmental impact of its activities, Polaris Bank has made significant efforts to reduce carbon emissions and dependence on fossil fuels. Through using solar energy to power security lights, some ATMs and business locations, and implementing automated systems and digital alternatives to paper output, the bank actively mitigates waste generation and reduces its carbon footprint.
“Polaris Bank has streamlined its vehicle fleet to further minimise its carbon footprint, while most meetings and engagement are held virtually. By prioritizing sustainable energy sources and expanding its network of ATMs, including prestigious off-site locations, the bank ensures convenient and eco-friendly access to banking services.”
The lender took its commitment a step further by partnering with some organizations to help it provide clean water and sanitation in some communities. Its Corporate Social Responsibility (CSR) projects are clearly spelt out to reflect adherence to environmental sustainability.
“Additionally, through partnerships with organizations like the United Nations Association of Nigeria (UNAN), we contributed to providing clean water and enhanced sanitation to local communities in Lagos state.
“We also partnered with the non-profit organization Evolve to launch the Girl Child Education and the Environment CSR program. This initiative strives to keep the girl child in school and educated, thereby reducing early marriages and population explosion, which impacts the Climate.
“This empowers underprivileged girls through education, providing them with school supplies and personal development tools. By supporting over 3,000 female students from 12 secondary schools nationwide, Polaris Bank fosters individual growth and inspires positive contributions to society.
“Polaris Bank’s dedication to environmental sustainability is a key component of its broader vision to create a positive and lasting impact on society. As part of the commemoration of the 2023 World Environment Day, the Bank has established dedicated plastic collection hubs across its branches in Lagos. These hubs serve as convenient drop-off points for responsible disposal of plastic waste for onward recycling while empowering individuals and communities to actively participate in reducing plastic pollution.”
On its part, Union Bank of Nigeria partnered with the Nigerian Conservation Foundation (NCF) to celebrate the day.
To create awareness of environmental responsibility and encourage collective action, Union Bank employees, together with the Nigerian Conservation Foundation, volunteered to educate students at Aguda Junior Grammar School, Surulere, Greg Girls Junior High School, Surulere, and Okun Ajah Community Senior Secondary School, Okun Ajah.
The students were educated on the detrimental effects of plastic pollution on the environment, highlighting the importance of reducing plastic consumption, reusing plastic, and practical tips for sustainable recycling.
The bank also donated waste bins to each school to encourage recycling and make it easier for students to do their part in reducing plastic waste.
Speaking on the Bank’s activities to mark World Environment Day, Union Bank’s Chief Brand and Marketing, Ms Olufunmilola Aluko, said, “At Union Bank, we are resolute in our commitment to being a sustainability champion. This year’s focus on tackling the pervasive issue of plastic pollution resonates deeply with our commitment to environmental sustainability.
“We proudly partner with NCF to educate students on solutions to beat plastic pollution. By raising awareness and advocating for responsible plastic waste management, we can collectively and significantly preserve our planet for future generations.”
With its focus set on the future, Union Bank said it committed to leading the way in shaping a better, more sustainable future for generations to come.
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
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