Finance

BoI becomes first signatory to UN responsible banking principles

Bank of Industry concludes new C1bn landmark transaction

The Bank of Industry (BOI) has become an official signatory of the UN Principles for Responsible Banking, a single framework for a sustainable banking industry developed through a partnership between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI).

The principles are the leading framework for ensuring that banks’ strategy and practice align with the vision society has set out for its future in the UN Sustainable Development Goals and the Paris Climate Agreement.

Banks who have signed the Principles commit to be ambitious in their sustainability strategies, working to mainstream and embed sustainability into the heart of their business, while allowing them to remain at the cutting-edge of sustainable finance.

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The managing director/CEO, Bank of Industry, Mr Olukayode Pitan said “We are honoured to be the first Development Finance Institution in Nigeria to commit to the UNEF FI Principles for Responsible Banking alongside other leading DFIs in the international space.

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“This global framework strengthens our approach to addressing the sustainable development challenges of our economy by critically analyzing our market to identify pressing needs of our communities, environment & customers.”

Pitan added, “This partnership, which is another pioneering effort for the Bank, is in line with our dedication to lead the Development Finance industry in Africa to improve the overall strategic impact of our interventions towards environmental management, social development, industrialisation, and poverty alleviation through sustainable finance.”

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Signatories to the principles take on a leadership role, demonstrating how banking products, services and relationships can support and accelerate the changes necessary to achieve shared prosperity for both current and future generations, building a positive future for both people and planet. These banks also join the world’s largest global banking community focused on sustainable finance, sharing best-practice and working together on practical guidance and pioneering tools of benefit to the entire industry.

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