LAPO MfB promotes sustainable finance

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LAPO Microfinance Bank (MfB) Limited, a pro-poor financial institution is championing the cause of sustainable finance in the industry.

Its Managing Director/CEO, Godwin Ehigiamusoe, said the bank will continue to promote sustainable finance in the interest of the economy.

He spoke at the conference with the theme, ‘Enhancing Sustainable Finance in the Microfinance Sub-sector’, held in Lagos.

He said the conference was to promote the practice of sustainable finance and banking values especially among Microfinance banks.

“Microfinance industry is growing, having a large number of institutions and also considering the nature of their clients who are obviously active on the environment, I feel there is need for Microfinance banks to adopt some of these principles as LAPO has done for the past six years,” Ehigiamusoe said.

According to him, the bank had achieved paperless transactions in all its board meetings, management meetings, review meetings and has also decided to track the numbers of paper that would have been used, put naira and kobo and discovered it has been able to save millions of naira in doing that.

“Because we are tracking we have been able to ascertain how much we are saving on monthly basis especially if we put in the cost of digital devices we still make some profit. The second thing is that if you also look at the social dimension, supporting the people you do business with for instance LAPO has priority in recruitment of children of our customers,” he said.

Read Also: LAPO is microfinance bank of the year

 

Also speaking, President, Chartered Institute of Bankers of Nigeria (CIBN) said, Uche Olowu, said: “I believe that LAPO champions the move for sustainability in the environment,” said Uche Olowu, president/chairman of council, Chartered Institute of Bankers of Nigeria (CIBN)”.

Olowu further said, “The way we look at it from CIBN is how you direct your efforts to clients that are in the vanguard of sustaining the environment. How do environmental, social and governance risks are modeled to make sure that we sustain the environment.

The climate change is a big problem, he said. “How do we need to continually fund the degrading environment? We direct finance and manage our risk in such a way that we continue to push for sustainability in the environment”.

 

Chair in Business & Sustainable Development University of Edinburgh, United Kingdom, Kenneth Amaeshi, who delivered a keynote speech on ‘Rethinking Sustainable Development Goals (SDGs) as an investment opportunity’, at sustainable finance conference organised by LAPO in Lagos, noted that uptake of sustainability is low in the global financial sector.

He said Sustainable Development thinking and practices help to minimise risks and explore opportunities. Risk minimisation and opportunity exploration are both important for immediate and long term success.

 

 

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