United Nations Environment Programme Finance Initiative (UNEP FI) is a partnership between UNEP and the global financial sector to mobilize private sector finance for sustainable development. UNEP FI works with more than 400 members – banks, insurers, and investors – and over 100 supporting institutions – to help create a financial sector that serves people and planet while delivering positive impact.
In 2021, the Bank joined the initiative as part of its strategy to further align its business with global best practice for sustainable development. Through this partnership, we were able to achieve pioneering impact for the Bank and our industry at large. The Bank became an official Signatory of the UN Principles for Responsible Banking – a single framework for a sustainable banking industry developed through a partnership between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI). BOI emerged as the first Development Finance Institution in Nigeria to do so. In the same year, the Bank also joined the UNEP FI to launch the Collective Commitment to Financial Health and Inclusion – a first-of-its-kind initiative of the banking sector to promote universal and financial inclusion.
This year, the Bank continued to leverage this partnership to scale up impact for sustainable development on a global level, reaching more people through targeted interventions and strategic approaches:
- UNEPFI’s Principles for Responsible Banking Academy (PRBA) Curriculum Advisory Committee: BOI took on a leadership role as a member of the UNEPFI’s PRBA Curriculum Advisory Committee for the development of a consistent global framework of learning and development to build capacity among banking institutions to adopt sustainable business models. The committee had a soft-launch of the demo website of the Principles for Responsible Banking Academy in partnership with the Chartered Banker Institute and the German Agency for International Cooperation (GIZ) at the UNEP FI Global Roundtable in October. The committee has now transitioned from a Curriculum Committee to a Standing Committee for the Principles for Responsible Banking Academy tasked with the responsibility of fostering learning and development for the global industry, in line with best practices.This global committee consists of 18 Banks from 15 countries around the world.
- Financial Health & Inclusion Common Indicators Working Group: the Bank also continued its leadership role as a member of the Financial Health & Inclusion Common Indicators Working Grouptasked with the responsibility of developing a common set of indicators for financial health and inclusion for PRB members and the global Banking community. The working group published the final draft of the Financial Health & Inclusion Common Indicators for UNEP FI member banks and the general public at the end of 2022.
