IFC and Central Bank Host Africa’s First Sustainable Banking Forum in Nigeria
IFC and the Central Bank of Nigeria hosted the global International Sustainable Banking Forum in Lagos, marking the first time the forum was held on African soil. The event brought together 150 policy-makers from governments, development banks, financial institutions, civil society, and technical institutions from different countries including Bangladesh, China, Ghana, Guinea, Indonesia, Mongolia, Mozambique, Nepal, Philippines, Sierra Leone, Tanzania, and Vietnam.
Over the three day period, participants shared their global experience on how to support efficient and sustainable banking in emerging markets. They explored monitoring, evaluation and incentive mechanisms to promote of sustainable banking. The forum also featured discussions on regulatory frameworks, technical advisory, and other tools to support sustainable banking.
Solomon Quaynor, IFC Country Manager for Nigeria said “It has been exciting to listen to solutions and opportunities being pioneered by, and shared among, developing countries with similar challenges. This Forum has provided an opportunity to learn from what has been achieved to date and to help dramatically scale up the innovation.
Dr. Aisha Mahmoud, Special Adviser to the Central Bank of Nigeria’s Governor on Sustainable Banking, said “The Forum was very successful because of the momentum exhibited by the Sustainable Banking Network members and other participants, including Central Banks of other African countries. They showed their enthusiasm to make sure that whatever we do as financial institutions does not impact negatively on the environment.”
The forum also brought together countries that are old hands at sustainable banking with others that are new to the field, providing a mentoring and learning opportunity to both sides.
“It is encouraging to see banks embrace the concept of providing finance and capital for sustainable development”, said Manuel Gerochi, from the Environment Department of The Philippines. “Discussions at the forum have shown that sustainable banking encourages development and inclusiveness. Currently in the Philippines, along with our central bank, we are developing methods to apply sustainable banking standards locally.”
The International Sustainable Banking Forum is the annual event of the Sustainable Banking Network – a platform of bank regulators and banking associations established to help develop standards, policies and guidelines on environmental and social risk management for regulators in emerging markets.