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.

At Wema Bank, stakeholders play an essential role in advancing the bank’s sustainability initiatives. Wema Bank has recognized its key stakeholder groups as investors and shareholders, employees, customers, suppliers and vendors, local communities, partners such as NGOs and social enterprises, government and regulatory bodies, and the media. Ongoing engagement with these groups enables Wema Bank to identify their priorities and gather valuable insights to effectively address their concerns. Collaborating with stakeholders also helps the bank achieve its strategic objectives.

Wema Bank’s stakeholder engagement activities are customized to suit each group, ranging from formal meetings to informal interactions. Through these engagements and its dedication to enhancing lives and creating value for stakeholders, Wema Bank focuses on prioritizing and improving the key areas identified.

Wema Bank’s stakeholder engagement processes and materiality matrix are clearly articulated in its report.

How did Wema Bank identify and work on strategic business opportunities to increase positive and reduce negative impacts?

In its 2024 PRB Report Wema Bank reports that it identified and worked on strategic business opportunities to increase positive and reduce negative impacts as follows:

1. Microlending: Wema Bank has expanded access to financial services and loans for underserved populations through microloans accessible via USSD. This initiative promotes financial inclusion, supports economic growth, and helps reduce inequality.
2. Impact Financing: Wema Bank has increased its focus on green financing by offering loans and financial products that support environmentally sustainable projects. This includes funding for renewable energy initiatives, energy-efficient infrastructure, and sustainable agriculture.
3. Sustainable Development Goals (SDGs) Alignment: Wema Bank’s business strategy is closely aligned with the SDGs, ensuring that its lending and investment decisions contribute to sustainable development. The bank prioritizes projects that generate positive social and environmental impacts.
4. Environmental and Social Risk Management: Wema Bank has implemented comprehensive and robust environmental and social risk management frameworks to assess and mitigate potential negative impacts of its lending and investment activities. This includes conducting environmental impact assessments for high-risk projects and promoting sustainable practices among clients, ensuring that its business operations contribute positively to society and the environment.
5. Stakeholder Engagement: Wema Bank actively engages with stakeholders—including customers, employees, and community members—to understand their needs and expectations. This collaborative approach helps the bank identify new opportunities for positive impact and make sure that its initiatives are aligned with societal goals.

 

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.

FBRH Principles for Responsible Banking (PRB) Assurance:

First class PRB assurance services: The result of solid, hands-on ESG/ Sustainability experience

• • • FBRH is a GRI Certified Training Partner (Global), ISEP Training Centre and a member of CPD.
    • FBRH builds trust. Over 200 reviews from top professionals from around the world demonstrate our ability to build strong, trusting business relationships.
    • FBRH possesses a unique skill set that combines ESG/sustainability certified training, experience in advisory services and report preparation, and ESG/sustainability report assurance.

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://wemaprodstorage.blob.core.windows.net/report-upload/638991399040206013_2024_sustainability_report_Wema_Bank.pdf

Note to Wema Bank: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

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.

FBRH Principles for Responsible Banking (PRB) Assurance:

First class PRB assurance services: The result of solid, hands-on ESG/ Sustainability experience

• • • FBRH is a GRI Certified Training Partner (Global), ISEP Training Centre and a member of CPD.
    • FBRH builds trust. Over 200 reviews from top professionals from around the world demonstrate our ability to build strong, trusting business relationships.
    • FBRH possesses a unique skill set that combines ESG/sustainability certified training, experience in advisory services and report preparation, and ESG/sustainability report assurance.

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

Note to Wema Bank: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.