Housing Finance Bank has officially kicked off the journey towards becoming a sustainability – certified bank in an event held at the HFB head offices in Kololo on 13 March, 2023.
The certification called Sustainability Standards and Certification (SSCI) is issued after a comprehensive evaluation of the banks’ Environmental, Social, and Governance (ESG) practices. The acquisition of the certification shall provide a framework for the bank to assess and improve its sustainability performance while promoting transparency and accountability.
To witness the launch, Housing Finance Bank was joined by Mr. Arshad Rab – Chairman International Council of Sustainability Standards and Dr. Patricia Ojangole – CEO Uganda Development Bank and title holder for Sustainability Leader of the Year 2022 (at the Karlsruhe Sustainability Awards Ceremony, Global Sustainable Finance Conference – Germany).
The SSCI process at HFB was officially launched by Mr. Mugabi K. Michael the HFB Managing Director, Mrs. Peace K. Ayebazibwe the banks Executive Director together with members of the Senior Management Team and selected sustainability champions across the various departments of the bank countrywide.
Speaking at the event, Mr. Arshad Rab highlighted the Octagon 8 value chain model that the bank will be assessed upon to attain the certification. The octagon 8 blocks will encompass governance, management, technology, products, human capital, business models and stakeholders’ relations. He also commended the bank on taking on this initiative as it is a positive step towards economic growth and environmental protection.
In line with the above, the Bank launched a new 5-year Strategic Plan 2023- 2027 in December last year, with Sustainability and firmly entrenched at the core of its strategic objectives and activities.
“We are fully committed to actualizing our strategic ideals as an organization. This commitment forms the basis for the start of our journey to creating a sustainability-certified bank. While on this journey, we hope to draw on the valued experience of our partners present here today (UDBL) and take guidance and learn from the international bodies championing this magnanimous cause” – Mr, Michael K. Mugabi – Managing Director, Housing Finance Bank.
Through sustainable financing, the Bank aims to create value for the communities in which it serves and the country at large by encouraging the transition to a climate-neutral, resilient, resource-efficient, and resilient economy as well as aiding social inclusion. It is the affordable inclusive solutions that shall enable homeownership and financial independence thereby improving the quality of lives led by Ugandans.
Housing Finance Bank is proud to take the first steps in the process of becoming a sustainability-certified bank and is keenly looking forward to an exciting long-term journey ahead.