Stanbic Bank Uganda has again cemented its position at the forefront of environmental stewardship, receiving the much-coveted National Environment Management Authority (NEMA) Sustainability Award in the financial institutions category.
This prestigious accolade, presented at a vibrant ceremony held at the Sheraton Hotel Kampala over the weekend, under the theme ‘Fostering Cleaner Production to Advance Sustainable Development in Uganda,’ celebrates organisations and individuals championing innovative and impactful environmental initiatives across the nation.
Accepting the award on behalf of the bank were Catherine Adengo, Head of Sustainability, and Diana Ondoga, Head of Corporate Social Investment (CSI). The recognition reaffirms Stanbic Bank’s unwavering commitment to integrating Environmental, Social, and Governance (ESG) standards as a core tenet of its operations and purpose: “Uganda is our home, we drive her growth.”
Green Finance and Stanbic WYF Agenda
In her remarks, Adengo passionately articulated the bank’s integrated approach to environmental responsibility.
“Environmental sustainability is not just an add-on; it is now a core part of our sustainability agenda rooted in our purpose,” she stated.
Adengo emphasised Stanbic Bank’s role in green finance, highlighting its long-term strategy to cultivate a cleaner, greener future for Uganda.
This commitment, according to her, is deeply intertwined with the bank’s broader mission to provide more affordable financing solutions to critical demographics: women, youth, and farmers, which echoes the Stanbic WYF Agenda.
Stanbic Bank Impacting Lives
Adengo noted that the impact of this commitment is already evident, revealing that in 2024, Stanbic Bank disbursed Shs62 billion to support green startups and businesses actively engaged in clean energy, sustainable agriculture, and eco-friendly technologies. These significant investments, she pointed out, are not merely philanthropic gestures but strategic moves aligned with the government’s ambitious climate goals and National Development Plans, which prioritise environmental management, conservation, and climate resilience as essential pillars for long-term prosperity. Stanbic’s funding thus directly contributes to driving tangible progress in these vital sectors across Uganda.
Leading the Charge in Waste Management
Beyond its impactful green finance initiatives, Stanbic Bank is also making substantial strides in operational environmental management.
Ondoga highlighted several notable initiatives by the bank, including a robust plastic recycling program.
This innovative collaboration, she noted, is conducted in partnership with Coca-Cola Beverages Uganda Limited, leveraging the expertise of Plastics Recycling Industries in Nakawa.
“To date, we have recycled over 97.86% of the plastic waste generated by our operations, totalling 9,234.64 kilograms,” Ondoga proudly announced.
This impressive figure, she explained, not only demonstrates the bank’s internal commitment but also serves as a powerful example of how public-private collaborations can effectively foster innovation and sustainability, addressing critical environmental challenges head-on.
“Our efforts aim to develop long-term solutions that support resilient ecosystems and sustainable livelihoods,” she added.
Reducing Carbon Footprint
Furthermore, Stanbic Bank is proactively reducing its ecological footprint through the digitisation of its operations. This strategic shift, according to Ondoga, aims to significantly reduce paper usage, with the bank actively encouraging customers to embrace digital platforms like FlexiPay, Stanbic Digital Banking, and Unstructured Supplementary Service Data (USSD), thereby minimising the need for physical branch visits.
For the unavoidable limited paper usage, Stanbic has partnered with Africa Paper Limited to ensure it is recycled into useful items such as napkins and shopping bags, effectively closing the loop on waste.
Compliance, Incentives, and a Sustainable Uganda
Dr. Barirega Akankwasa, the Executive Director of NEMA, hailed all nominees and winners, commending their adherence to environmental laws and regulations.
He highlighted the growing global importance of ESG standards for socially and environmentally conscious investors, noting that adopting these standards not only enhances compliance but also significantly boosts investment attractiveness.
He also used the opportunity to announce the introduction of the NEMA Compliance Assistance Unit, a new initiative that will provide free support to developers in achieving environmental compliance, further demonstrating NEMA’s commitment to facilitating sustainable development across all sectors.
The National Environment Sustainability Awards, an annual highlight organised by NEMA, serve as a vital platform for celebrating excellence in environmental stewardship, innovation, and sustainable practices.