Banking
Stanbic IBTC Anchors Sustainability Strategy on Four Pillars
**Cuts Carbon Emission by 1.67 tonnes
By Dipo Olowookere
In order to improve societies for humanity and advance sustainable development, the United Nations (UN) came up with some Sustainability Development Goals (SDGs), which countries, organisations and others were advised to key into.
As a responsible corporate firm, Stanbic IBTC Holdings Plc, a member of Standard Bank Group, came up with a strategy to achieve these goals.
The company designed its sustainability strategy and anchored it on four pillars; building environmental resilience, expanding business model and innovation, enhancing social relationships, and strengthening leadership for sustainability governance.
These sustainability pillars are aligned with the Nigerian Sustainable Banking Principles.
Recently, Stanbic IBTC released its 2020 Sustainability Report and it highlighted its environmental, social and governance (ESG) practices, which cut across corporate social investments (CSI), environmental and social risk management practices, and performance.
The report also highlighted the progress Stanbic IBTC had made across the four sustainability pillars, and seven Social, Environmental and Economic (SEE) impact areas wherein the group had confidence in achieving significant outcomes.
It further reflected that Stanbic IBTC made significant carbon emission savings, and reduced its total carbon emission by 1.67 tonnes in 2020. Hybrid solar systems were deployed in its branches and off-site ATMs.
Additionally, a 30 per cent reduction in paper use was achieved in its Go-Green branches initiative that contributed indirectly to a decrease in tree-felling for paper production.
Stanbic IBTC conducted waste audit exercises across three head office campuses to quantify the amount and types of waste generated at the locations for better waste management insight.
As part of the group’s sustainability governance in the year 2020, Environmental and Social Risk awareness training was conducted to educate its staff on the importance of Environmental and Social Risk management.
In the year, Stanbic IBTC and its parent brand, the Standard Bank Group, partnered with UN Women to promote women’s economic empowerment through climate-resilient agribusiness.
Over 3,000 entrepreneurs were trained in business sustainability. New School Money, an initiative on financial literacy for young people, was also shown to have impacted the lives of young people.
It was revealed in the report that a total of N109.4 million was donated under its employee volunteerism scheme and was channelled towards its three CSI pillars: health, economic empowerment, and education to help achieve qualitative healthcare and education, and sustainable economic empowerment.
Other initiatives aligned to the SDGs included a partnership with GB Foods to boost productivity and the donation of foodstuff to charitable organisations in the fight against hunger.
Stanbic IBTC also helped provide medical facilities and supplies to hospitals and community health centres in terms of health and wellness.
At the same time, efforts in curtailing the coronavirus pandemic cost the organisation over N345 million in funds and relief material donations.
Other initiatives included the donation of educational facilities to different schools and learning centres and the award of scholarships to exceptional students across the country.
In support of gender equality, Stanbic IBTC established lactoriums in its offices to help working mothers’ transition back to work after maternity leave, and thus enhanced the inclusion of females in the workplace.
Furthermore, at the outset of the COVID-19 outbreak and lockdown, Stanbic IBTC put a debt relief programme in place to alleviate the potential cash flow constraints its clients faced due to the pandemic. Forbearances were granted to clients on a total exposure of N78 billion as at 31 December 2020.
“The Sustainability Report has highlighted our shared values in 2020 and is expected to help our key stakeholders better appreciate our long-term priorities to ensure financial, social, and environmental sustainability in our business operations.
“Our sustainability ambition is to become the leading financial institution driving sustainable finance solutions in Nigeria, and we have defined a sustainability strategy that is anchored on four pillars to achieve this,” the CEO of Stanbic IBTC, Mr Demola Sogunle, stated.
“As the leading end-to-end financial services organisation, we have a duty to set the standard in the way we address environmental, social and governance issues.
“We are proud to report that we are making significant progress, and we will continue to build on our 2020 milestones,” he added.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has reaffirmed that the old and new Naira notes will continue to be used for financial transactions in the country beyond December 31, 2024.
There had been rumours that the old and redesigned N200, N500, and N1,000 banknotes would no longer be legal tender from Wednesday, January 1, 2025, because the central bank would phase out the notes in compliance with a Supreme Court judgement of November 29, 2023.
But the apex bank, in a statement signed by its acting Director of Corporate Communications, Mrs Hakama Ali, on Friday, clarified that the apex court’s judgement being cited did not authorise the bank to phase out the banknotes by the end of this year.
According to her, the court allowed the CBN to leave the old and new notes to be used concurrently until it decides to gradually phase out the former.
The central bank’s spokesperson urged members of the public to disregard claims suggesting the old series of these denominations would cease to be valid at the end of this year.
She urged them to continue to accept all Naira notes for daily transactions, encouraging banks to also adopt alternative payment methods such as electronic channels to reduce the pressure on physical cash usage.
“The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation.
“In line with the bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the Naira indefinitely.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadlines,” the statement noted.
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.”
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