Finance

BoI wins SERAS awards for impact in financial inclusion

Bank of Industry concludes new C1bn landmark transaction

The Bank of Industry (BOI) has received top honours at the just concluded Sustainability, Enterprise and Responsibility Awards also known as the SERAS CSR Awards 2021.

BOIwon the award for the ‘Best Company in Financial Inclusion’in recognition of its development impact in providing solutions to ensure that financial services are more accessible to unbanked and underbanked groups.

The Bank also received the award for ‘Best New Entry.’

Speaking on the awards, Managing Director/Chief Executive Officer, Bank of Industry, Mr. Olukayode Pitan, said; “We are honoured to be recognized for our continuous efforts and strategic investments aimed at improving financial health and inclusion within Nigeria’s business landscape and economy. We remain committed to galvanizing more resources to scale up impact for economic, environmental and social responsibility, in line with our business strategy for sustainable development.”

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He added, “These awards align with our mission of transforming Nigeria’s industrial sector through sustainable business practices as Africa’s leading Development Finance Institution operating under global best practices.”

The SERAS is Africa’s first and foremost recognition for Corporate Social Responsibility and Sustainability. Over the last 15 years, it has grown to become the gold-standard award and the most credible industry ceremony in Africa with representation from 19 African countries.

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“The ‘Best Company in Financial Inclusion’ award highlights the Bank of Industry’s significant efforts in deepening financial inclusion for micro enterprises through the development and execution of innovative financial and non-financial products that promote the use of technology and intermediaries to provide low-interest financing solutions to businesses in the informal, semi-formal and formal sectors.

He added, “The Bank remains committed to promoting sustainable development by creating long-term value through an integrated approach to social, environmental and economic development across our business operations and practices.

In October 2021, BOI became an official signatory of the UN Principles for Responsible Banking – a single framework for a sustainable banking industry developed by the United Nations Environment Programme Finance Initiative (UNEP FI), becoming the first Nigerian Development Finance Institution to do so. The Bank also joined the UNEP FI to launch the Collective Commitment to Financial Health and Inclusion as a Founding Signatory.

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“The Bank of Industry (BOI) is Nigeria’s oldest and most successful development bank. Our mandate is to provide financial assistance for the establishment of large, medium, and small projects; as well as the expansion, diversification, and modernisation of existing enterprises; and rehabilitation of moribund ones.”

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