Unity Bank Plc has won the Central Bank of Nigeria 2018 sustainable banking award, clinching the award for ‘Sustainable Transaction of the Year in Agriculture’.
The bank won the award for its compliance with the sustainable banking principles as it relates to the management of environmental and social risk set out by the CBN for adoption by Nigerian banks, discount houses and development banks.
At the recent Bankers’ Committee in Lagos, the CBN while presenting the award commended the efforts of the bank in promoting the Anchor Borrowers Programme and Rice Farmers Association of Nigeria project, adding that the lender deserves the award because of the role it played in actualisation and management of the project.
The active involvement of the bank in various financing schemes had resulted in creating huge social and economic impact on the income of households involving over 270,000 participating small-holder farmers, thereby boosting not only the Gross Domestic Product but also helping to achieve self-sufficiency in food production.
Commenting on the development, the Managing Director/Chief Executive Officer, Unity Bank Plc, Mrs Tomi Somefun, dedicated the award to all farmers and businesses in the agriculture value chain.
She stated, “We have successfully brought on board over 90,000 hitherto financially excluded farmers and generated bank verification number for them to facilitate financial and banking transaction. Capacities of about 60 agro- input suppliers were expanded through provision of facilities and financial advisory services.’
“The bank’s environmental and social management programme covers comprehensive business operations that minimises adverse impact on the environment in the scope of its business activities.”
According to Somefun, the bank’s environmental management policies and strategies comprehensively covers priority areas that encourages bio-diversity, green initiatives, recycling of waste, reduction of carbon emission geared towards promoting sustainability, conservation and environmental protection.
Unity Bank, she added, “is a niche player in agricultural financing in Nigeria, with active participation in most government intervention schemes and support for key policy initiatives.”
According to her, these are aimed at driving growth and transformation of Nigeria’s agricultural economy.
“The code of corporate governance requires companies to act in an environmentally and socially responsible manner and Unity Bank has domesticated the principles in its commitment to save the environment from degradation or pollution,” the statement added.