Polaris Bank says it has recorded success in adopting the United Nations Environment Programme Financial Initiatives (UNEP-FI) principles for responsible banking.
The principles for responsible banking, an initiative of UNEP, an agency of the United Nations (UN), provides a framework of six principles for integrating sustainability in the heart of banking operations.
By adopting the framework in September 2019, Polaris Bank committed to aligning its strategies with the Paris climate agreement and the UN sustainable development goals (SDGs).
In a statement on Tuesday, Polaris Bank said it serviced over 500,000 customers within its first 100 days of introducing ‘Sure Padi’, its agency banking platform and was ranked 5th in Q1, 2020 by the shared agent network expansion facility (SANEF).
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In addition to its agency banking, it said 80,000 students in 180 primary and secondary schools across the country have benefitted from its financial literacy seminars and classes.
Innocent Ike, acting chief executive officer (CEO) of Polaris Bank, said: “Signing the UNEP-FI principles for responsible banking in 2019 has ensured that we remain committed to developing a sustainable economy and empowering our stakeholders to build a better future.
“Our role as intermediaries means we can significantly influence the direction that our clients and customers take. Through concerted efforts of the Bank’s stakeholders, the progress we have made in key focus areas proves that driving sustainable businesses can yield positive returns. We look forward, with renewed vigour, to surpassing our achievements in the first year.”
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Ike said the bank has proposed a paper recycling plan across its branches and implemented an electronic alternative to paper by fully optimising digital receipts and internal memos which has led to a 50 percent drop in paper consumption.
He encouraged other financial institutions to make deliberate efforts in reducing their carbon footprint and mitigating the risk of waste generation.
“Our recycling plan is also a step in the right direction, especially giving the fact that recycling one ton of paper can save about 17 trees, 7,000 gallons of water, 380 gallons of oil, 3.3 cupid yard of landfill space and 4,000 kilowatts of energy – enough to power the average Nigerian home for six months and reduce greenhouse gas emissions by one metric ton of carbon equivalent, ” Ike said.
“Essentially, with the recycling plant, we can contribute to maintaining a sustainable world for future generations. We encourage other financial institutions to emulate this initiative.”
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The CEO also explained that the bank has relaunched its women-focused product, Polaris Pearl, to cater to women’s banking needs.
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