Sustainabilityasa StrategicImperativefor AccessBank

In today’s dynamic global landscape, organisations are confronted with a complex array of interconnected challenges,encompassingclimatechange,resourcescarcity, social inequality, and economic instability. These challenges have wide-ranging implications for both businesses and society. Consequently, stakeholders, including customers, employees, investors, and communities, are placing increasing importance on sustainability and demanding organisations to exhibit transparency, accountability, and ethical practices.

Recent research by the Boston Consulting Group (BCG) reveals a strong correlation between the Environmental, Social, and Governance (ESG) scores of companies and key financial and valuation metrics. This finding underscores the profound interconnection between sustainable practices and overall performance. The growing significance of sustainability factors in decision-making processes is exemplified by the surge in socially responsible investing. Investors now integrate environmental, social, and governance (ESG) criteria into their investment strategies to a greater extent than ever before. This shift underscores the pivotal role of sustainable corporate governance in fostering long-term value creation and financial performance.

Access Bank acknowledges the transformative impact of sustainability on the global business landscape, extending beyond mere profitability. We recognise the importance of embracing responsible business practices and prioritising sustainable governance as a compelling opportunity to differentiate ourselves, attract investments, and gain a competitive advantage.

By ingraining sustainability objectives at the heart of our operations, we align our financial, operational, and strategic decisions with long-term sustainability goals. This necessitates a comprehensive evaluation of our value chain, identifying avenues to mitigate environmental impacts, enhancesocialvalue,anddevelopsustainableproductsand services. Our commitment to integrating sustainability into our corporate strategy and operations empowers us to wield ourinfluenceindrivingpositivechangeacrossindustriesand communities.

Our Board Human Resource and Sustainability Committee holds the responsibility of overseeing our sustainability strategyandpolicies,ensuringitssuccessfulimplementation. Sustainability objectives are integrated into the key performance indicators (KPIs) of board members and our employees. In achieving our objectives and implementing our strategy, we have institutionalised a dedicated Sustainability Center of Excellence, composed of experts who drive the implementation of impactful initiatives across the organisation. This Center ensures that sustainability is fully integrated into our overall strategy and daily operations.

At Access Bank, our employees are the focal point for achieving our sustainability targets. To ensure the effort of the collective is fully harnessed, we have founded the Sustainability Champions Network – a platform for passionate individuals to step forward as advocates for sustainable practices and initiatives. These employees act as change agents, inspiring and mobilising others within the organization to embrace sustainability in their day-to-day activities. Furthermore, through our employee volunteering program, our workforce actively addresses social, environmental, and economic challenges, strengthening bonds with communities and fostering pride and purpose. Thisschemeseesusincentiviseemployeestodedicatesome their skills, time and other resources to make transformative impact in the various communities wherein they operate. Remarkably,theEmployeeVolunteeringSchemehasseenus positivelyimpactabout1,290communitiesandanestimated 6,232,809 individuals, through the collective dedication of over 381,770 hours of our employees’ time.

It is important to note that our approach to sustainability is deeply rooted in our purpose statement, which reflects our unwavering commitment to positively impact lives in the present and future. To translate this purpose into action, we concentrate on four fundamental pillars: climate action, fostering ethical economic growth, creating a meaningful impact on communities, and upholding strong corporate governance. These pillars serve as the foundation for defining clear goals and targets, enabling us to generate sustainable value for all stakeholders across the Bank’s value chain. We ensure transparency and accountability by consistently monitoring and reporting our progress towards these objectives using globally accepted standards and frameworks such as the Global Reporting Initiative (GRI), SustainabilityAccountingStandardsBoard(SASB),andmore.

Recognising the diverse priorities of stakeholders across countries wherein we have a footprint, Access Bank takes a proactive approach to cater to these variations by gaining a comprehensive understanding of the specific sustainability needs within said markets. We are deeply committed to promoting economic empowerment, social and financial inclusionthrougharangeofimpactfulinitiatives.Forexample, Access Bank’s ‘W’ Initiative has empowered over 23 million female customers, invested over N38 billion in womenowned enterprises, and provided about N31 billion in loans to over 650,000 beneficiaries. Additionally, the Initiative has empowered over 12,000 children with financial literacy skills and supported thousands of young entrepreneurs through business plan trainings and competitions, seed capital funding and MSME loans.

As part of our commitment to financing a sustainable future for all, Access Bank places great emphasis on environmental stewardship. Thus, we implement various measures to minimise our environmental footprint, including resource conservation, waste reduction, and adoption of clean energy practices. This purposefulness is highlighted by our novel financing of environmentally friendly initiatives. For instance, through the issuance of the first Climate Bonds-certified corporate green bond in Africa, we were able to raise N15 billion (US$41 million) for environmentally beneficial projects. Additionally, we successfully issued a fully subscribed $50 million step-up puttable green bond, with the proceeds dedicated to supporting low-carbon transportation, renewableenergy,andclimatechangeadaptationinitiatives.

Indeed, we have been a bank of many firsts, blazing the trail of sustainability leadership across the private sector. As one of the pioneers of sustainable financing in Nigeria, Access Bank initiated and led the development of the Nigerian Sustainable Banking Principles (NSBPs) – a CBN- approved framework guiding the country’s banking industry in integrating sustainability into their operations.

The Bank remains an active participant in the United Nations Environment Programme Finance Initiative (UNEP FI) and contributestoglobalsustainablefinanceinitiatives,whilealso holding leadership positions in the United Nations Principles for Responsible Banking (UN-PRB) and the International Capital Market Association (ICMA) Advisory Council. All these ensure that we play our part in shaping agendas, advancing the adoption of responsible banking practices, and promoting market integrity worldwide.

Our 15-year commitment to sustainability and the adoption of a world-class ESG framework has not gone unnoticed, as in addition to our numerous local and global awards, in 2021, Access Bank became the first commercial bank in Africa to earn the Sustainability Standard Certification Initiative (SSCI) presented by the European Organisation for Sustainable Development.

Looking ahead, we remain committed to leading the way in advancing the achievement of the United Nations Sustainability Development Goals, while setting a benchmark of excellence for other private and public sector institutions to follow.

Access Bank’s pledge remains to be persistent in our delivery of best-in-class service even as we continue to adopt responsible business practices and navigate the challenges of today’s rapidly evolving global landscape. Our visionary leadership and robust governance framework make us certain that we will continue to make a lasting impact in communities beyond financial success.

Afterall, we are Access Bank, and we are steadfast in our commitment to deliver ‘More Than Banking’!