Nigeria: All banks must implement sustainable banking principles by September

Mar 12, 2013

The Central Bank of Nigeria (CBN) has given banks operating in the country until September 2013 to commence implementation of Nigerian Sustainable Banking Principles (NSBP), which aim to develop the working environment within banks and improve their profitability.

The Central Bank of Nigeria (CBN) has given banks operating in the country until September 2013 to commence implementation of Nigerian Sustainable Banking Principles (NSBP), which aim to develop the working environment within banks and improve their profitability.

"Adoption of the principles will not only help banks in mitigating the environment and risks associated with their business operation and those of their clients, but also help them to achieve greater efficiencies and better position them to take advantage of opportunities in the global marketplace where environmental and social issues are becoming increasingly important," CBN Director of financial policy and regulation Chris Chukwu told the Leadership newspaper.

He added that the banks should enjoy higher productivity and staff morale thanks to the new workplace practices.

The NSBP consists of several principles, such as managing environmental and social risk in business decisions, managing the bank's own environment and social footprint, safeguarding human rights, meeting the imperatives for good governance, transparency and accountability.

It also includes promoting women's economic empowerment, financial inclusion of communities and groups with limited access to the formal financial sector, supporting capacity building and promoting collaborative partnerships.ADNFCR-2976-ID-801554807-ADNFCR