Case study: How Wema Bank works with its clients and customers to encourage sustainable practices

Stakeholder identification and consultation

Please describe which stakeholders (or groups/ types of stakeholders) you have identified, consulted, engaged, collaborated or partnered with for the purpose of implementing the Principles and improving your bank’s impacts. This should include a high-level overview of how your bank has identified relevant stakeholders, what issues were addressed/results achieved and how they fed into the action planning process.

Wema Bank’s stakeholders are individuals and groups affected by its business operations and activities. The bank has identified its stakeholder groups as investors/shareholders, employees, customers, suppliers/vendors, local communities, partners (such as NGOs), government and regulatory bodies, and the media. Regular engagement with these stakeholders allows Wema Bank to recognize their key concerns and gather valuable insights which enable the bank to address these issues effectively. Collaborating with stakeholders also supports the achievement of shared goals.

Some of the partner organizations include She Can Nigeria, FOCAD, AIICO Insurance, and the Bank of Industry (BOI).

Additionally, Wema Bank has collaborated with sustainability champions to help implement various initiatives.

How did Wema Bank work with its clients and customers to encourage sustainable practices and enable sustainable economic activities?

In its 2023 Sustainability Report Wema Bank reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:

Wema Bank has established several frameworks to strengthen its relationships and engagement with customers. These include the Customer Engagement Model, Financial Literacy Strategy, Youth Mentorship and Empowerment Model, Communications Strategy, Customer Complaint and Resolution Policy, the Sara by Wema Platform, and the Sara Health Scheme.

In addition, Wema Bank has organized various programs focused on fostering engagement, human-centred design, vocational skills development, financial literacy, mentorship, and youth empowerment.

• Wema Bank conducts monthly campaigns encouraging customers to open bank accounts to enhance financial inclusion, supporting the achievement of SDGs 1 (No Poverty) and 2 (Zero Hunger), as well as NSBP 2.
• Wema Bank offers quarterly vocational training and capacity-building sessions for women involved in micro and small medium enterprises, aiming to promote equality, decent work, and economic growth aligned with SDGs 5, 8, and 10, and NSBP 4.
• Wema Bank maintains ongoing stakeholder engagement to understand stakeholders’ priorities, which helps inform the bank’s areas of materiality and focus.

UN Principles for Responsible Banking: Accelerating a positive global transition for people and the planet

With over 300 signatory banks representing almost half of the global banking industry, the Principles for Responsible Banking are the world’s foremost sustainable banking framework. Through these Principles, the banking community takes action to align core strategies, decision-making, lending and investment with the UN Sustainable Development Goals and international agreements such as the Paris Climate Agreement.

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The combination of all the above empowers FBRH to provide first class Principles for Responsible Banking (PRB) assurance services.

References:

This case study is based on published information by Wema Bank, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:

https://wemabank.com/csr

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