CEO/Group Managing Director
Access Bank Plc
Dr Wigwe, you have been part of a duo that transformed an ailing enterprise into a leading banking brand, renowned locally and regionally, and with international respect. You have consistently won a record number of indigenous awards as well as international awards on sustainability focused on the African market. What inspires the sustainability pillars of Access Bank?
Since 2008, Access Bank Plc has benchmarked its business practices and operations against international best practices as a means of shaping its strategy and decision-making processes. In line with this, the Bank’s approach to sustainability aligns with globally accepted practices. As a sustainability leader, Access Bank remains committed to the path it had set for itself and continues to enhance its contribution to addressing critical development issues across Africa.
Financing and facilitating a sustainable future for Africa, and indeed the world is something we are very passionate about. Now, more than ever, Africa needs us to unite as we seek to improve access to health care, sustainable energy, finance, and advance the standard of living in communities wherein we operate. In recent times, we have demonstrated leadership with the issuance of the first-ever Climate Bonds Initiative (CBI) certified Green Bond in Nigeria, as well as our role in Nigeria’s fight against the coronavirus through the Private Sector Coalition Against COVID-19 (CACOVID), among others.
Through innovative banking initiatives and our underlying sustainability drive, we will continue to create shared value for all our stakeholders, striking a balance between competitive advantage and corporate social responsibility.
What would you say are the mechanisms that have helped the banking industry achieve some semblance of sustainability advancement in the last decade?
The banking industry is essential to the growth of economies and more granularly, the sector is the chief financier of development projects. Therefore, it was inevitable that the sector is addressed as a critical factor in pushing through the sustainability agenda.
Recognising our place in society, Access Bank in 2011 initiated and led the establishment of the fully-adopted Nigerian Sustainable Banking Principles (NSBPs). Access Bank continues to lead the industry as the Chair of the Steering Committee for the Principles. Prior to this, the majority of Nigerian banks sparsely addressed the criteria of the subsequently issued NSBPs -reporting, collaboration, capacity-building, business activities, etc. – before the development of the mandatory guidelines in 2012. However, there has been significant improvement in the performance of Nigerian banks in addressing sustainability issues in the past decade.
Additionally, we are currently in a clime where the world demands accountability from organisations about how they address sustainability. In addition to other regulatory and voluntary sustainability guidelines, the NSBPs can be deemed as the most notable mechanism that kick-started action in the banking industry.
What is the most innovative change that has hit the banking industry in recent times?
Before COVID-19, the banking industry was experiencing an unprecedented period of growth despite increasing consumer expectations and increased competition from non-traditional financial service providers.
However, in a matter of only a few weeks, the banking industry experienced a level of disruption that has changed the norm in the delivery of financial services. There has not only been a significant change in the way financial institutions conduct business but also in the manner employees execute their work and how consumers manage their finances.
Banks such as ours have used this time of disruption to reinvent themselves especially with our use of data, AI, technology and human resources to impact marketing, innovation and the digital delivery of products and services. We have examined efficiencies to create entirely new business models that will affect all components of performance. Right now, there is an opportunity to reevaluate how technology, insight and analytics can accelerate the future growth and competitiveness of financial…