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Stanbic IBTC Holdings PLC announced its decision to become a Sustainability Certified Financial Institution under the Sustainability Standards and Certification Initiative (SSCI) of the European Organisation for Sustainable Development (EOSD).

Ahead of the implementation of the standards by Stanbic IBTC, the EOSD hosted a welcome session for the directors and senior management members of the financial institution on Thursday, 28 September 2023. The special guest of honour at the virtual event, hosted from Karlsruhe, Germany, was Oscar N. Onyema OON, the Group Chief Executive Officer, Nigerian Exchange Group PLC (NGX). Also in attendance were the heads of sustainability of bank and non-bank financial institutions, amongst other industry stakeholders.

The CEO of EOSD and Chairman of the International Council of Sustainability Standards, Arshad Rab, said in his keynote address that SSCI embodied a set of rigorous but rewarding standards for value-driven financial institutions. He said the implementation of the standards were fully digitalised and enabled for real-time monitoring of the status of the tasks and subtasks to achieve sustainability certification.

“SSCI aims at positioning selected financial institutions as strong, digitally-advanced, and sustainability-centric organisations that are some of the most impactful players in creating a green, inclusive, and sustainable economy in the territories in which they operate,” Mr. Rab said. “It is a global initiative that delivers a holistic, robust, and evolving set of standards to make Sustainability Certified Institutions resilient, strong, and profitable on a long-term basis as it makes sustainability their core business.”

In his goodwill message at the event, Mr. Onyema, OON, said:  “The  NGX is committed to sustainable practices, including Nigeria’s commitment to digital transformation and net-zero greenhouse gas emissions by 2060 in line with the Climate Change Act.”

“Sustainability has become a critical driver of modern business practices,” Demola Sogunle, Chief Executive Officer of Stanbic IBTC Holdings PLC, said in his welcome address. “In line with our commitment to sustainability, Stanbic IBTC has accepted the challenge of complying with the world’s most comprehensive sustainability standards that unfold a significant opportunity for our institution’s growth and profitability. We are confident that by achieving the status of a Sustainability Certified Financial Institution, Stanbic IBTC will play a key role in fostering sustainability in the Nigerian banking industry and achieving sustainable development in the wider economy, and in Africa.”

During the event, Stanbic IBTC was formally presented its Certificate of Acceptance into the programme. The successful implementation and subsequent certification will be completed between nine and twelve months.

“Around the world, several central banks, development finance institutions, commercial banks, microfinance banks, non-bank financial institutions, and non-bank corporates are SSCI-certified or currently implementing the standards,” said Jide Akintunde, Nigeria Country Representative of EOSD, and CEO at Financial Nigeria International.

Mr. Akintunde said: “The vision of SSCI is to create a resilient and profitable financial sector, working to improve lives and keep the earth habitable – now and in the future." He added that the sustainability standards are relevant for Nigeria, other developing countries, and the world at large.