Nigerian Sustainable Banking Principles

LAPO Microfinance Bank is a lead implementer of the Nigerian Sustainable Banking Principles and United Nations Sustainable Development Goals. We have successfully integrated these principles in practice into our business operations and stakeholders’ engagement processes.

The table below highlights some of our key achievements in the implementation of CBN’s NSBP.

Principle 1 Our Business Activities: Environmental & Social Risk Management. Integration of Environmental and Social considerations into our lending activities.

We integrate our Environment and Social Management System (ESMS) into our new Core Banking System (CBS).

Before the new CBS, we used the e-leader platform to conduct our E & S Due Diligence Assessment, mitigation, conformity and reporting.

Principle 2

Our Business Operations: Environmental & Social Footprint.

Avoidance of the negative impact of our Business Operations.

We saved over ₦7.3M by not using or printing 124,770 sheets of paper. Our paper consumption decreased due to the digitization of some of our processes. A total of ₦7.3M was saved due to the implementation of our paperless policy.

Following the introduction of energy-saving policies such as switching off all electrical appliances, not in use, using energy-saving bulbs and inverters in our offices, and using solar panels in some of our operating branches among others, our energy consumption dropped.

Principle 3 Human Rights: Respect for the rights of all in Business Operations.

All transactions were screened using the ESMS screening process to discourage child and forced labour.

Principle 4 Women's Economic Empowerment: Promote economic empowerment through a gender-inclusive workplace culture and provide products and services for men.

We have empowered thousands of women through SUFEN (Supporting Female Entrepreneurs), a loan product specifically designed for women empowerment.

57.8% of our employees are females as against 42.2% male employees. Our board gender composition is four women to three men and 44.4% of our management team members are women.

Principle 5 Financial Inclusion: Promotion of financial inclusion and provision of financial services to individuals and communities with limited or no access to the formal financial sector.

LAPO has Agents in rural locations in Thirty-Four (34) states to reach the unbankable populace.

Our products and services are accessed by all interested persons, including economically-active and physically challenged persons.

The Microfinance Bank partnered with the CBN SANEF initiative. We opened 1,521 accounts in 2020. A total of one hundred and twenty-eight (128) new agents were registered to cover more Agent Banking locations across the country. We received deposits of N553,702,118 through our agent banking locations.

Principle 6 E&S Governance: Implementation of transparent E & S risks governance practices within the institution and we assess the E & S governance of our clients.

Monthly and quarterly reports to the Board and Management Executive Management and to the ESG board on our E & S performance.

Our Internal Audit team checks the computation of the paperless banking report before it is shared. We provided updates to our investors (DFC, AfDB, OIKO, DBN, IFC, etc.)

Principle 7 Capacity Building: Development of the capacity to identify, assess and manage E &S risks and opportunities associated with the bank's business activities and operations. LAPO trained over seven thousand (7,000) employees and several thousands of clients on Covid-19 risks and prevention through fliers, multimedia messages via our intranet, and massive radio campaigns which were translated to Nigeria's 3 main languages - Igbo, Hausa, and Yoruba.
Principle 8 Collaborative Partnerships: Collaboration across the sector and leveraging on international partnerships; moving in unison with the financial sector as a whole, and ensuring consistency with international standards.

We participated in Nigerian Stock Exchange (NSE) Sustainable Finance Program which was organized to learn and share best practices in Sustainability. We attended the Human Development (HD) meeting organized by GABV.

Sustainability staff attended Social Impact Assessment & Implementation and Audit training.

Principle 9 Reporting:Regularly review and report our progress in meeting the principle at the individual institutional and sector level.

The Microfinance Bank provides periodic updates to our investors such as AfDB, OIKO, etc. regarding our E & S performance, mitigation, and evaluation. We produced a Sustainability report which is shared among stakeholders annually.

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