As environmental, social and governance issues come to the core of corporate governance and performance metrics in the corporate world globally, Post Bank Uganda, Housing Finance Bank and Bank of Uganda have taken a step to entrench these values in their operations.
This was revealed at the recent launch of the Sustainability Certification Process for Uganda at Kampala Serena hotel spearheaded by European Organisation for Sustainable Development (EOSD), the International Council for Sustainability Standards together with Bank of Uganda and the Ministry of Finance (MOFPED) as partners.
According to Arshad Rab of the Chairman of the International Council for Sustainability and CEO of EOSD, the Sustainability Standard Certification Initiative is the most comprehensive global frame work of its kind that will enable local financial institutions which take it on become the drivers of the country's 'new economy.'
"Financial institutions under the leadership of Bank of Uganda and the Ministry of Finance which take up the Sustainability Standards Certification Initiative (SSCI) will be equipped to take the lead in transforming the country from a low technology and low value economy to a high value and Hi-Tech economy" Arshad said.
Post Bank CEO Julius Kakeeto congratulated Bank of Uganda and Housing Finance Bank upon being enlisted for the SSCI certification alongside Post Bank Uganda.
He said "Post Bank has always been a socially oriented financial institution with a focus on environment and governance. We have supported sanitation projects around Kampala, renewable energy uptake through subsidized solar loans, engaged various communities in financial literacy programs and disbursed upkeep funds to many households across the country through our vast branch network."
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Going forward the bank is embedding sustainability into it's strategy having started with making it apart of it's financial reporting and now enlisting for the Sustainability Standards Certification Initiative, this will enable Post Bank become a more resilient value driven financial Institution and we look forward to acquiring the EOSD certification Kakeeto added.
Bank of Uganda's Deputy Governor Dr. Michael Atingi Ego while addressing guests at the same event noted that the Standard Certification Process they have started is in line with Bank of Uganda's mandate of ensuring price stability and overseeing a sound financial system in the country in support of social economic transformation. "It is for this reason the central bank has taken a front seat in this process" he said.
Finance Minister Matia Kasaija congratulated the SSCI applicants HFB, BOU and Post Bank for taking a step in the right direction and thanked the European Organisation for Sustainable Development (EOSD) for accepting their applications.
He concluded that acquiring the Sustainability Standards Certification will enable the enlisted financial institutions deliver higher value to the communities they serve and to their stakeholders as well.
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