FirstBank Joins Partnership for Carbon Accounting Financials, Reinforces its Dedication to Local weather Motion

Lagos- 30 Ocrober 2024, as a part of its dedication to sustainable finance and taking lively steps in direction of lowering its carbon footprint, FirstBank has joined the Partnership for Carbon Accounting Financials (PCAF) to advertise sustainable finance, fight local weather change and advance sustainable socioeconomic growth for the simply transition.

PCAF is a collaboration between monetary establishments worldwide to allow harmonised assessments and disclosures of greenhouse fuel (GHG) emissions from loans and investments. With greater than 530 monetary establishments from six continents, the group is quickly increasing in North America, Latin America, Europe, Africa and Asia-Pacific.

Becoming a member of PCAF aligns with FirstBank’s broader local weather agenda, reinforcing its efforts to contribute meaningfully to world local weather objectives. By adopting PCAF’s globally recognised requirements, FirstBank goals to reinforce transparency in carbon accounting and reporting, combine local weather danger into its lending and funding decision-making, and assist Nigeria’s transition to a low-carbon economic system. This initiative enhances FirstBank’s ongoing work on environmental, social, and governance (ESG) points, underscoring its dedication to accountable banking practices.

PCAF will present FirstBank with a standardised methodology and framework to measure and report the Financial institution’s GHG emissions and climate-related dangers. By becoming a member of PCAF, the Financial institution’s functionality in understanding and managing its publicity to local weather dangers and liabilities (bodily and transition dangers) can be enhanced. This may allow the Financial institution to make knowledgeable choices and take proactive measures to mitigate these dangers whereas leveraging on the alternatives for progress.

Dylan Hauser, regional lead For PCAF Africa stated “We congratulate FirstBank on changing into a signatory of PCAF. We’re completely delighted to have FirstBank on board sharing our dedication to driving constructive change and lowering carbon footprints within the area by means of clear and accountable practices.”

In line with Patrick Akhidenor, Chief Threat Officer, FirstBank, “Becoming a member of PCAF is a big milestone in our sustainability journey. It isn’t solely an illustration of our dedication to combatting local weather change but additionally a step in direction of making certain that we, as a monetary establishment, are accountable for the carbon emissions our actions finance. We’re excited to collaborate with different world establishments in driving significant local weather motion”.

By becoming a member of forces with PCAF, FirstBank is poised to champion transparency and accountability in affect of the monetary sector’s actions on local weather change.

In regards to the Partnership for Carbon Accounting Financials (PCAF)

The Partnership for Carbon Accounting Financials (PCAF) was launched globally in September 2019. At the moment, greater than 530 monetary establishments have subscribed to the PCAF initiative. PCAF individuals work collectively to collectively develop the International GHG Accounting and Reporting Customary for the Monetary Trade to measure and disclose the greenhouse fuel emissions of their loans and investments. For extra info see https://carbonaccountingfinancials.com/

About FirstBank

First Bank of Nigeria Restricted “FirstBank”, established in 1894, is the premier financial institution in West Africa, a number one monetary inclusion providers supplier in Africa, and a digital banking big.

FirstBank’s worldwide footprints minimize throughout three continents ─ Africa, Europe and Asia, with FirstBank UK Restricted in London and Paris; FirstBank in The Democratic Republic of Congo, Ghana, The Gambia, Guinea and Sierra Leone; FBNBank in Senegal; and a FirstBank Consultant Workplace in Beijing, China. All of the subsidiary banks are absolutely registered by their respective Central Banks to supply full banking providers.

Moreover offering home banking providers, the subsidiaries additionally interact in worldwide cross-border transactions with FirstBank’s non-Nigerian subsidiaries, and the consultant workplaces in Paris and China facilitate commerce flows from Asia and Europe into Nigeria and different African international locations.

For over 130 years, FirstBank has constructed an impressive fame for stable relationships, good company governance, and a powerful liquidity place, and has been on the forefront of selling digital fee within the nation with over 13 million playing cards issued to clients (the primary financial institution to attain such a milestone in Nigeria). FirstBank has continued to make important investments in know-how, innovation and transformation, and its cashless transaction drive has been steadily accentuated with just about 23 million lively FirstBank clients signed up on digital channels together with the USSD Fast Banking service by means of the nationally famend *894# Banking code.

With over 42 million buyer accounts (together with digital wallets) unfold throughout Nigeria, UK and sub-Saharan Africa, the Financial institution offers a complete vary of retail and wholesale monetary providers by means of greater than 820 enterprise workplaces and over 243,400 agent areas unfold throughout 772 out of the 774 Native Authorities Areas in Nigeria.

Along with banking options and providers, FirstBank offers pension fund custody providers in Nigeria by means of First Pension Custodian Nigeria Restricted and nominee and related providers by means of First Nominees Nigeria Restricted.

FirstBank’s dedication to Variety is proven in its insurance policies, partnerships and initiatives equivalent to its workers’ ratio of feminine to male (about 39%:61%; and 32% girls in administration) in addition to the FirstBank Girls Community, an initiative that seeks to deal with the gender hole and improve the participation of ladies in any respect ranges throughout the organisation.  As well as, the Financial institution’s membership of the UN Girls is an affirmation of a deliberate coverage that’s in step with UN Girls’s Girls Empowerment’s Ideas (WEPs) ─ Equal Alternative, Inclusion, and Nondiscrimination.

For six consecutive years (2011 – 2016), FirstBank was named “Most Beneficial Financial institution Model in Nigeria” by the globally famend The Banker Journal of the Monetary Instances Group and “Finest Retail Financial institution in Nigeria” eight occasions in a row, 2011 – 2018, by the Asian Banker Worldwide Excellence in Retail Monetary Providers Awards.

In 2023, FirstBank obtained notable awards together with “Finest Non-public Financial institution for Sustainable Investing in Africa 2023” by International Finance Awards; “Finest Sustainable Financial institution in Nigeria 2023” by Worldwide Buyers Awards; “Finest Bespoke Banking Providers in Nigeria 2023” by Worldwide Buyers Awards; “Finest Monetary Inclusion Service Supplier in Nigeria 2023” by Digital Banker Africa; and “African Financial institution of the 12 months” by African Management Journal; ’’Finest Company Financial institution in Nigeria 2023’’ by Euromoney Awards and ‘’Most Progressive Banking Model – Nigeria 2023’’ by International Manufacturers Award.

Considerably, FirstBank’s International Credit score Score was A+ with a constructive outlook whereas scores by Fitch and Customary & Poor’s have been A (nga) and ngBBB+ respectively each with Steady outlooks as at September 2023. FirstBank maintained the identical degree of worldwide credit score scores because the sovereign; a milestone that was achieved in 2022 for the primary time since 2015.

FirstBank continued to achieve large acclaim on the worldwide stage with a number of worldwide awards and recognitions obtained up to now in 2024. A few of these embody Nigeria’s Finest Financial institution for ESG 2024 and Nigeria’s Finest Financial institution for Corporates 2024 each awarded by Euromoney Awards for Excellence; Finest SME Financial institution in Africa and in Nigeria by The Asian Banker International Awards; Finest Non-public Financial institution in Nigeria and Finest Non-public Financial institution for Sustainable Investing in Africa by International Finance Awards; Finest Company Financial institution in Nigeria 2024, Finest CSR Financial institution in Nigeria 2024, Finest Retail Financial institution in Nigeria 2024, Finest SME Financial institution in Nigeria 2024 and Finest Non-public Financial institution in Nigeria 2024 all awarded by the International Banking and Finance Awards.

Our imaginative and prescient is “To be Africa’s Financial institution of first selection” and our mission is “To stay true to our identify by offering one of the best monetary providers doable”. This dedication is anchored on our core values of EPIC – Entrepreneurship, Professionalism, Innovation and Buyer-Centricity. Our strategic ambition is “To ship accelerated progress in profitability by means of customer-led innovation and disciplined execution” and our model promise is all the time to ship the last word “gold customary” of worth and excellence to place You First in each respect.

Folake Ani-Mumuney

Group Head, Advertising & Company Communications

First Bank of Nigeria Restricted