Overview:
BoU Governor Dr Michael Atingi-Ego said the program will provide a framework for banks to assess and improve their sustainability performance while promoting transparency and accountability.
Bank of Uganda (BoU) has launched the Sustainability Standards and Certification Initiative (SSCI), which aims at promoting sustainable and responsible practices in the banking sector.
The SSCI is a certification program that will evaluate banks’ environmental, social, and governance (ESG) practices.
Speaking at the launch on Friday, BoU Governor Dr Michael Atingi-Ego said the program will provide a framework for banks to assess and improve their sustainability performance while promoting transparency and accountability.
He said the certification will be awarded based on a comprehensive assessment of bank’s ESG practices.
Housing Finance Bank and Post Bank Uganda have signed up for the SSCI program, committing to advancing sustainable practices in their operations.
Finance Minister Matia Kasaija, who presided over the function, thank BoU for taking lead and coming out strongly to demonstrate to the financial sector their willingness to walk the talk on sustainability issues.
Housing Finance Bank MD Michael Mugabi said: “Today, Housing Finance Bank is delighted to take the first steps in the process of becoming a sustainability-certified bank, and is keenly looking forward to a rewarding long-term sustainable journey.”
He added: “Housing Finance Bank recently launched a new 5-year Strategic Business Plan (2023-2027), with sustainability firmly entrenched at the core of our strategic objectives and activities.”
Julius Kakeeto, MD PostBank, said: “We look forward to making PostBank a sustainable organization and certified by the European Organization for Sustainability Development”
“As part of the review of our 5 years strategy, the board decided to embed sustainability in our strategy. We also enlisted the support of European Organization for Sustainability Development to transform into a more resilient and value driven financial institution,” he added.