BoG Governor urges FirstBank Ghana to access green financing in support of lending activities
Governor of the Bank of Ghana, Dr. Ernest Addison, has emphasized the importance of Environmental, Social, and Governance (ESG) frameworks for FirstBank Ghana to attract green funding to bolster its lending activities.
He pointed out the significant allocation of funds by institutions like the Green Climate Fund (GCF) for climate action in emerging economies, amounting to $1.26 billion.
To tap into such funding opportunities, Dr. Addison encouraged FirstBank Ghana to pursue accreditation status with the GCF.
“I would like to encourage FirstBank to leverage on the Environmental, Social and Governance frameworks to attract green funding to support their lending activities. For example, the Green Climate Fund (GCF) has allocated US$1.26 billion for climate action in emerging countries. To access this and other similar funds, I would encourage FirstBank to seek accreditation status by the GCF,” he quipped.
Making the assertion at the FirstBank Ghana Business Dinner on May 2, 2024, where the bank unveiled its new name, Dr. Addison commended the institution for rebranding from FBNBank to FirstBank Ghana.
He acknowledged the confusion between the previous name and First National Bank (FNB) Ghana, recognizing its impact on the bank’s marketing strategies.
“I congratulate the bank on changing its name to FirstBank Ghana, the BoG is aware of the confusion of the bank’s name with FNB Bank which is also an international bank and the impact on its marketing strategy,” he averred.
Speaking further, Dr. Addison highlighted FirstBank Ghana’s commendable performance in the banking sector.
According to recent data, the bank ranked 6th out of 23 banks in terms of its share of balances held in mobile wallets.
This underscores the bank’s support for various transactions, including utility payments, school fees, insurance products, as well as person-to-business (PtoB) and person-to-person (PtoP) payments.
“The emergence of fintechs in the financial ecosystem, and their delivery of innovative financial products and services, has rejuvenated the adoption and diffusion of technology in every sphere of banking sector operations, which have supported the financial inclusion agenda. Let me use this opportunity to congratulate Firstbank for the work that it is doing in this area.
“The latest data on the float balances with the Banks showed that FirstBank placed 6th out of 23 banks in their share of balances held on mobile wallets, supporting various types of transactions, utility payments, school fees payments, insurance products, and their PtoB and PtoP payments,” he remarked.
“I would therefore encourage the Bank to strengthen its systems and operations to continuously churn out innovative electronic-driven services and tailor-made products that cover the needs of the unbanked population,” he added.
FirstBank Ghana is currently ranked as the number one bank and financial institution on Ghana’s Club 100 list, at the overall position of 10th.
Recently, the bank was named “Bank of the Year” at the 2nd Ghana Finance Focus Awards. In 2023, the bank won over 25 institutional and individual awards.
For the past 28 years of operating in Ghana, FirstBank Ghana has experienced remarkable growth, achieving strong financial performance and expanding its accessibility to customers.
