How Stanbic IBTC Bank aligns its CSI strategy with its corporate objectives, demonstrating that the convergence of economic performance and social impact is not just possible but essential in today’s corporate world.
In today’s fast-paced business landscape, corporate social investment (CSI) has emerged as a game-changer, driving long-term success while fostering societal well-being and environmental sustainability.
Sequel to the above stone cast fact , financial institutions, particularly in emerging markets like Nigeria ,where socioeconomic challenges abound, no longer take CSI a nicety, but a necessity .
Although Stanbic IBTC’s corporate social investment (CSI) expenditures for the last ten years aren’t explicitly stated, however, their commitment to CSI is evident in various initiatives. Stanbic IBTC Bank, a leading financial services provider in Nigeria, exemplifies this approach, leveraging CSI initiatives to fuel business growth, foster societal well-being, and promote environmental sustainability.
Statistics confirm CSI as a critical success factor as much . A staggering 80% of consumers now consider a company’s social and environmental impact before making a purchase. Companies that prioritize corporate social investment (CSI) outperform their peers by up to 15% (Harvard Business Review). A study by the Business & Sustainable Development Commission estimates that achieving the UN Sustainable Development Goals (SDGs) could unlock economic opportunities worth $12 trillion globally by 2030. This staggering statistic underscores the transformative power of CSI in driving business success..
By adopting a strategic CSI approach, a bank not only strengthens brand loyalty and stakeholder trust but also positions itself as a key partner in national development. This, in turn, could enhance a bank’s regulatory standing, attracts socially conscious investors, and aligns with global trends favouring businesses that integrate sustainability into their operations.
-Stanbic IBTC Bank’s corporate social investment strategy is anchored on four key pillars: education, economic empowerment, health, and environmental sustainability. Each pillar is carefully designed to deliver measurable impact while aligning with the bank’s broader business strategy.
Education: Investing in the Future Workforce
Education is a powerful driver of economic development, and Stanbic IBTC has made it a priority within its CSI framework. The bank’s education-focused initiatives span scholarships, capacity-building programmes, and digital literacy campaigns, all aimed at equipping young Nigerians with the skills needed for the modern economy.
A Stanbic IBTC’s flagship initiative is the Adopt-a-School Programme, which provides infrastructure, learning materials, and teacher training to underfunded schools. By adopting and supporting underfunded schools, Stanbic IBTC demonstrates its commitment to education and community development in Nigeria. This initiative contributes to human capital development, creating a pipeline of skilled professionals.
Stanbic IBTC’s Adopt-A-School initiative has already made a significant impact across Nigeria, with previous projects completed in Akwa Ibom, Ekiti, Sokoto, Borno, Ogun ,Niger Abia and Gombe states.
Stanbic IBTC Holdings Plc has completed a major renovation of Lisabi Grammar School in Abeokuta, Ogun State, as part of its Adopt-A-School initiative. The historic school, founded in 1943, has undergone extensive upgrades with new computer systems, renovated science laboratories and new vocational center with ICT, technical drawing, art, cook and bake and sewing rooms .These improvements will enhance the learning experience for over 3,400 students and 100 staff members.
Dr. Demola Sogunle, former Chief Executive of Stanbic IBTC, emphasized the long-term nature of the programme. “Our Adopt-A-School programme is a marathon, not a sprint,” he stated. “We deliberately chose Lisabi Grammar School for adoption, committing to ongoing refurbishment, revamping, repair, and maintenance of infrastructure over the coming years.
For its positve impacts on the school, AbayomiArigbabu, Ogun State’s Commissioner for Education, Science and Technology, thanked Stanbic IBTC for its contribution to education in the state.
Also, Stanbic IBTC has unveiled a comprehensive renovation of Ibeku High School in Umuahia, Abia State, as part of its Adopt-A-School initiative. This project demonstrates the financial institution’s commitment to transforming educational facilities across Nigeria.
The renovation has transformed the learning environment for 720 students and 52 teachers. Modern educational resources have been introduced, enhancing the community’s access to quality education.Key features of the renovation included Upgraded classrooms and educational facilities, Improved infrastructure and amenities as wel as enhanced learning resources and materials.
Kunle Adedeji, Acting Chief Executive, Stanbic IBTC Holdings, emphasized the organization’s commitment to long-term educational development. “The Adopt-A-School initiative is part of our broader mission to foster sustainable growth and development in Nigeria”, he declared.
In the Northern part of the country,Stanbic IBTC has also completed the renovation of six classrooms and the Head Teacher’s office at Waziri Primary School in Niger State. This project reflects the organization’s dedication to sustainable educational development.The renovation involved several key improvements, including: renovation of two classroom blocks Installation of 120 new pieces of classroom furniture,construction of a modern computer laboratory, development of a football area for recreation and physical education .These enhancements are expected to directly benefit 1,000 students and 117 teachers.
That is the seventh school benefiting from the company’s commitment to educational development in Nigeria. The Waziri Primary School project was officially inaugurated recently in a ceremony attended by esteemed dignitaries; among them were Muhammad Baba Ibrahim, the Chairman of the Niger State Universal Basic Education Board (NSUBEB);Hon. Aminu Ladan, the Local Government Chairman;Haj.HadizaShuru, the Niger State First Lady’s representative;along with other notable government officials and guests. Their presence emphasised the crucial role of community engagement in advancing educational facilities.
Beyond physical infrastructure, Stanbic IBTC invests in digital learning programmes that equip students with skills relevant for today’s technology-driven world. The bank also provides scholarships and mentorship opportunities, helping young Nigerians access quality education and career guidance.
For instance, the Stanbic IBTC University Scholarship Scheme supports outstanding students from economically disadvantaged backgrounds. This initiative not only fosters goodwill but also strengthens the bank’s brand among young demographics.Through these efforts, the bank continues to reinforce its commitment to improving lives and shaping future generations.
Environmental Sustainability through Green Finance and Climate Action
As the world grapples with climate change, financial institutions like Stanbic IBTC are leading the charge in sustainable practices. The bank has integrated environmental sustainability into its business strategy, aligning with the global shift towards green finance.
Stanbic IBTC has launched several initiatives to reduce its carbon footprint and promote eco-friendly business practices. These include:The Stanbic IBTC Green Energy Programme, which funds renewable energy projects .The bank’s commitment to financing sustainable infrastructure, participation in tree-planting campaigns and waste management initiatives and enhancing biodiversity conservation are the other critical initiatives in this direction.
The “Enhancing Biodiversity Conservation and Sustainable Livelihoods in Afi Mountain Wildlife Sanctuary” project aims to restore degraded watersheds and support local communities in Cross Rivers State.
In collaboration with One Tree Planted and the African Research Association for Development in Nigeria (ARADIN), Stanbic IBTC has launched a significant environmental project.
The three-year project is expected to have a significant impact on the local environment: 60,000 trees will be planted across 120 hectares in the first phase Approximately 420 jobs will be created, with a focus on empowering women 300 small-scale farmers will benefit from capacity building and environmental conservation efforts
The project’s comprehensive approach ensures a sustainable impact: Site maintenance will be conducted over the next two years to ensure the long-term survival and growth of the planted seedling .Restoration efforts will enhance soil stabilization and reduce the risks of erosion and landslides
Dr. Demola Sogunle, the former Chief Executive of Stanbic IBTC Holdings, emphasized the bank’s commitment to environmental preservation and sustainable development. Harry P. Lynch, President and CEO of One Tree Planted, highlighted the importance of reforestation in restoring healthy forests and promoting biodiversity.
Economic Empowerment: Driving Financial Inclusion.
Through its economic empowerment driven by its financial inclusion initiative,Stanbic IBTC has demonstrated its committment to unlocking economic potential.
By this ,the bank is definitely closing a socioeconomic gap . Nigeria is home to a vast entrepreneurial spirit, yet millions of adults lack access to formal financial services. To bridge this gap, Stanbic IBTC Bank has launched a series of initiatives aimed at empowering entrepreneurs, small businesses, and underserved communities.
Stanbic IBTC Bank has integrated financial inclusion into its CSI initiatives, developing programmes that empower entrepreneurs, small businesses, and underserved communities.
Its key initiatives in this area include its Business Incubator which provides training, mentorship, and access to capital for startups and small businesses ; Blue Women Network Initiative which Empowers women entrepreneurs through financial literacy programmes, micro-loans, and capacity-building workshops and Blue Blossom Community that offers financial and non-financial services to Nigerian women, addressing the unique challenges they face.
Despite increased financial services in Nigeria, 98% of women still lack access to formal credit markets. To address this disparity, Stanbic IBTC launched the Blue Blossom community, providing financial and non-financial services tailored to Nigerian women.
The Blue Women Network Initiative has empowered countless women entrepreneurs through financial literacy programmes, micro-loans, and capacity-building workshops. This initiative has not only promoted gender inclusivity but also expanded the bank’s market share within the growing segment of women-led businesses.
Furthermore , Stanbic IBTC Digital Skills Empowerment Program (DiSEP) provides free digital training, upskilling, and paid certifications to eligible Nigerian candidates. This initiative has equipped young people with the skills required to build fast-paced careers and drive the future digital and technology objectives of Stanbic IBTC Group
The impacts of those initiatives are,indeed , far-reaching. They address unemployment, strengthen SME banking portfolios, and promote gender inclusivity. By empowering women and providing digital skills training, Stanbic IBTC Bank is driving financial inclusion and contributing to Nigeria’s economic growth.
The bank ,no doubt. has demonstrated its commitment to those empowerments .Remy Osuagwu, Executive Director, Business and Commercial Banking, emphasized the importance of supporting women’s economic empowerment. “When women are exposed to business skills and receive equitable financial services, their potential for growth, leadership, and success is boundless. We believe that everyone deserves access to financial services, regardless of their background or socioeconomic status. Our initiatives are designed to bridge the financial inclusion gap and empower Nigerians to achieve their economic goals.”
The bank has registered several success stories with those initiatives. One such success story is that of Mrs. Ajayi, a small business owner who benefited from the Stanbic IBTC Business Incubator. With access to training, mentorship, and capital, she was able to scale her business and create employment opportunities for others.
These initiatives have made a tangible impact on the lives of Nigerians. By providing access to financial services, training, and mentorship, Stanbic IBTC has empowered entrepreneurs, small businesses, and underserved communities to unlock their economic potential.
Transforming Lives: Stanbic IBTC’s Healthcare Initiatives*
Every year, thousands of Nigerians face significant health challenges, with limited access to quality medical care. Stanbic IBTC has demonstrated leadership in corporate social investment, particularly in healthcare, through its various initiatives.
Through Wellness and Disease Prevention Campaign, its flagship project, The Stanbic IBTC Wellness and Disease Prevention Campaign has provided free medical checkups and awareness drives on prevalent health issues such as diabetes, hypertension, and maternal health. This initiative has benefited thousands of Nigerians, showcasing the bank’s commitment to social responsibility.
It aslo played a key role in combatting COVID-19. During the pandemic, Stanbic IBTC played a crucial role in mitigating the crisis by donating to healthcare institutions, providing personal protective equipment, and supporting small businesses affected by lockdowns. These efforts strengthened customer loyalty and demonstrated the bank’s dedication to social responsibility.
With its Together4ALimb , a Signature CSI initiative, Stanbic IBTC has transformed the lives of 136 children with limb losses since 2015. The program provides prosthetic limbs and an educational trust fund, giving these children a level playing field to compete in life. The initiative also includes a charity walkathon, organized yearly to raise awareness and inspire action.
Through #Together4ALimb, Stanbic IBTC has: provided prosthetic limbs and educational trust funds to 136 children; it supported children in various educational stages, from creche to tertiary institutions Empowered families and communities through awareness and advocacy
Stanbic IBTC’s healthcare initiatives demonstrate its commitment to social responsibility and community well-being. By providing access to quality medical care and supporting vulnerable populations, the bank is making a tangible impact on the lives of Nigerians.
Conclusion .
As Stanbic IBTC continues to drive business growth, its commitment to corporate social investment remains unwavering. And by integrating CSI into its business strategy, the bank demonstrates that social responsibility and business growth are not mutually exclusive, but rather interconnected.
Stanbic IBTC’s corporate social investment initiatives are a testament to the bank’s belief that business growth and social responsibility go hand-in-hand. By investing in the communities it serves, Stanbic IBTC is not only driving social impact but also fostering a loyal customer base, enhancing its reputation, and contributing to the long-term sustainability of its business. As the bank continues to grow and evolve, its commitment to CSI will remain a cornerstone of its success ; Stanbic IBTC is poised to make an even greater impact in the years to come.
