By Chioma Obinagwam
Unity Bank Plc has clinched the award for ‘Sustainable Transaction of the Year in Agriculture’ of the Central Bank of Nigeria (CBN) 2018 sustainable banking award.
The Bank won the coveted award for its compliance with the Sustainable Banking Principles as it relates to the management of Environmental and Social Risk set out by the CBN for adoption by Nigerian Banks, Discount Houses and Development Banks.
While presenting the award to Unity Bank at the just concluded Bankers’ Committee held in Lagos, CBN commended the efforts of the lender in promoting the Anchor Borrowers Program (ABP), Rice Farmers Association of Nigeria (RIFAN) project, adding that the bank deserves the award because of the role it played in actualization and management of this audacious project.
According to the apex bank, the active involvement of the Bank in various financing schemes has resulted in creating a huge social and economic impact on the income of households involving over 270,000 participating smallholder farmers thereby boosting not only the gross domestic product but also helping to achieve self-sufficiency in food production.
Commenting on the development, the Managing Director/Chief Executive Officer of Unity Bank Plc, Tomi Somefun dedicated the award to all farmers and businesses in an agriculture value chain, stressing that,
“We have successfully on-boarded over 90,000 hitherto financially excluded farmers and generated Bank Verification Numbers (BVN) for them to facilitate financial and banking transactions. Capacities of about 60 agro-input suppliers were expanded through the provision of facilities and financial advisory services.
“Unity bank’s environmental and social management program covers comprehensive business operations that minimizes adverse impact on the environment in the scope of it’s business activities.”
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