IFC, CBN Moves to Enhance Sustainable Banking

The International Finance Corporation (IFC), a member of the World Bank Group, and the Central Bank of Nigeria will host the second International Sustainable Banking Forum in March, 2014 as part of efforts to enhance better banking principles in the country. The forum will serve as a platform to share international and local experience and best practice on sustainable banking, and to build partnerships to support sustainable banking in emerging markets.

The International Sustainable Banking Forum is a voluntary platform of bank regulators and banking associations established to facilitate knowledge sharing and development of standards, policies and guidelines on environmental and social risk management for regulators in emerging markets. The network members currently include Bangladesh, Brazil, China, Colombia, Indonesia, Lao, Mongolia, Nigeria, Peru, Philippines, Thailand and Vietnam.

According to the statement, the Acting Governor, CBN, Dr. Sarah Alade, said the financial sector in emerging markets has a critical role to play in fostering sustainable economic growth. We are partnering with IFC to create knowledge sharing through the forum and generate critical guidance on environmental and social risks management for banks and other financial institutions. It provides a framework for them to further integrate these considerations into their policies, operations and procedures. This creates environmental and social responsibility in the financial sector and adds long-term value for clients and other stakeholders.

The IFC Country Manager for Nigeria, Mr. Solomon Adegbie-Quaynor, said the forum will bring together representatives from the Nigerian financial sector with colleagues from all over the world. He added that it is a great opportunity to promote principles within the industry that advance sustainable business growth and economic development.