Access Bank honoured at Global Finance 2021 Sustainable Finance Awards

13 Sep 2021, 12:00 am
Financial Nigeria

Summary

Global Finance considered that Access Bank is the first African bank to be recognized as qualified for the 2X Challenge, an initiative founded by the G7 Development Finance Institutions.

Access Bank Group Managing Director and CEO Herbert Wigwe

Access Bank has been recognized at the inaugural 2021 Sustainable Finance Awards by Global Finance. The bank emerged the winner in two of the award categories: Outstanding Leadership in Sustainability Transparency, Africa; and Outstanding Leadership in Green Loans, Africa.

The new awards program recognizes global and regional leadership in sustainable finance, specifically for initiatives designed to mitigate the negative impacts of climate change and help build a more sustainable future for humanity.

Access Bank has over the past decade consistently delivered on its goal to set the pace in sustainable banking practices in Africa. The bank has also continued to deliver value to its burgeoning customer base and provide innovative solutions for the markets and the communities where it operates.

Access Bank says it aims to catalyse opportunities to deliver financing for sustainable development. Approaches such as blended finance and green investment, which offer unique opportunities for investors to gain a foothold in emerging markets in Africa, are actively embraced and promoted by the bank. In this regard, Access Bank issued Africa’s first Climate Bonds Initiative (CBI)-certified corporate green bond of N15 billion in 2019. Also the first, the green bond was cross-listed on the Nigerian Stock Exchange (now Nigerian Exchange Group (NGX)) and the Luxembourg Green Exchange (LGX), in supporting the transition to a low carbon economy in Nigeria.

Global Finance considered that Access Bank is the first African bank to be recognized as qualified for the 2X Challenge, an initiative founded by the G7 Development Finance Institutions, because of the bank’s continued commitment to mobilizing investments that advance women’s economic empowerment. In 2018, Access Bank introduced the W Power Loan for financing expansion of operations, acquisition of fixed or capital assets, and provision of working capital requirement to women in business. Loans worth over N12 billion have been disbursed to more than 1,303 women through this scheme.

With a strong reputation as a responsible business in Africa, Access Bank aims to become “the world’s most respected African bank.” Accordingly, the bank has continued to embed ESG policies as core elements of its growth strategy.

These efforts have earned Access Bank wide-ranging local and international recognitions and awards. These include the Karlsruhe Global Sustainable Finance Awards for Outstanding Business Sustainability Achievement Award (five-time consecutive winner), World Finance Award for Most Sustainable Bank (ten-time winner), Central Bank of Nigeria Award for Sustainable Bank of the Year (three-time consecutive winner), among others.


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