The Development Bank of Nigeria (DBN) has urged Microfinance Banks (MFBs) and other Participating Financial Institutions (PFIs) to improve their sustainability efforts and become more responsive to their social and ecological environments.
This was the thrust of deliberations at a webinar session themed, ‘Creating a Sustainability Community of Practice for Nigerian Microfinance Banks’ which was organised by DBN for MFBs and PFIs at the weekend.
The initiative is focused on further deepening DBN’s efforts to increase awareness on sustainability issues, and also positively influence it’s PFIs’ Sustainable Development Goals (SDG) focused initiatives and operations.
DBN Chief Operating Officer Bonaventure Okhaimo said there is increased global attention on social impact and contribution of business to their environment and society.
“Currently, the overall awareness of sustainability and its transitions for the microfinance ecosystem has not been clearly articulated in Nigeria due to the fact that most MFBs regard lending as the most essential service to be rendered to end-lenders.”
The Special Adviser to CBN Governor on Sustainability, Dr Aisha Mahmoud, said deliberations on emerging issues of sustainability are important for the financial ecosystem.
She said MFBs should focus more on the environmental impact of their lending by looking into the activities and operations of their investees through a sustainability lens.
DBN Sustainability Specialist Lolade Awogbade, said sustainability is more important in these times of pandemic, coupled with economic instability, and that it is essential that there is an overall understanding of the influence MFBs have on communities and the environments they serve.
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