Micheal Jjingo is the General Manager Commercial Banking at Centenary Bank (PHOTO/PML Daily)
The world of finance is evolving, with an increasing emphasis on ethical banking and sustainability. The Global Alliance for Banking on Values (GABV) stands at the forefront of this movement, advocating for a financial system that prioritizes social responsibility, environmental sustainability, and economic justice. As Uganda prepares to host the Ugandan Convention 2025, the relevance of value-based banking takes center stage in shaping the future of the nation’s financial landscape.
The previous 2024 GABV Annual Meeting was themed, ‘The World at a Crossroads,’ hosted by Banca Etica in Italy from 26 to 29 February 2024 in Padua and Milan. It explored how values-based banking can harness the power of technology while avoiding its pitfalls to transform customers and the economy.
Brief on GABV: The Global Alliance for Banking on Values is an independent network of financial institutions dedicated to promoting sustainable banking. Established in 2009, it consists of over 70 member banks and financial organizations worldwide, collectively serving over 60 million customers across over 40 countries.
To become a GABV member bank, each prospective bank is evaluated against a comprehensive set of criteria, and progress is monitored over time. Basic requirements include a values-based mission, being a regulated bank or credit union, commitment at the CEO level, and a minimum of $50 million in total assets.
Core Principles of GABVGABV institutions commit to:1. People-Centered Banking – Focusing on financial inclusion and community development.2. Transparency & Integrity – Ensuring responsible banking practices.3. Triple Bottom Line Approach – Balancing social, environmental, and economic impact.Impact of GABV• Supports ethical banking models that invest in social enterprises, sustainable businesses, and local economies.• Encourages financial innovation to address climate change, inequality, and financial exclusion.• Advocates for policy changes to promote values-based banking worldwide.
GABV plays a crucial role in shaping a more responsible financial system, ensuring that banking serves not just profits but also people and the planet. The current GABV Team Leader is Dr. Fabian Kasi, the Managing Director of Centenary Bank, who is also the host for this year’s convention slated for March 2025, at Commonwealth Resort Hotel, Munyonyo.
Understanding GABV and Its Mission; The Global Alliance for Banking on Values is a network of independent banks and financial institutions committed to using finance to deliver sustainable economic, social, and environmental development. Founded in 2009, GABV promotes transparency, long-term relationships with clients, and an unwavering commitment to community impact. Unlike conventional banking institutions that primarily focus on profit maximization, GABV members integrate financial returns with broader societal benefits, ensuring inclusive growth and sustainability.
The Role of Banking on Values in Uganda. Uganda’s financial sector is experiencing rapid transformation, with increasing attention to financial inclusion, climate resilience, and social equity. The principles championed by GABV align well with Uganda’s development goals, making the upcoming Ugandan Convention 2025 a pivotal platform to discuss and implement banking on values. Key areas of focus include:1. Financial Inclusion: Many Ugandans still lack access to formal banking services. Value-based banking prioritizes financial inclusion by supporting underserved communities, providing microfinance solutions, and fostering economic empowerment.2. Sustainable Investments: With climate change impacting Uganda’s agricultural sector, sustainable banking can finance projects that promote renewable energy, conservation agriculture, and eco-friendly business practices.3. Social Impact: Ethical banking extends credit to social enterprises and businesses that contribute positively to communities, ensuring that economic progress does not come at the expense of societal well-being.
The Ugandan Convention 2025: A Platform for Change. The Ugandan Convention 2025 presents a unique opportunity to highlight the role of value-based banking in driving sustainable development. Key stakeholders, including policymakers, financial institutions, and social entrepreneurs, will convene to explore how GABV principles can be integrated into Uganda’s banking system. Topics that shall not miss in the discussions include:• Regulatory Support for Ethical Banking: Developing policies that encourage sustainable finance models.• Partnerships for Development: Collaboration between local banks, international institutions, and impact investors to scale value-based banking initiatives.• Innovative Financial Products: Designing banking products that cater to small businesses, farmers, and marginalized groups.
Key sponsors for the event include: Centenary Bank, Micropay, Zubacx, Craft solutions, Pebuu, UIBFS, Prudential among others.
In Conclusion, as Uganda prepares for the Ugandan Convention 2025, the discussion around banking on values becomes increasingly relevant. The GABV model offers a roadmap for a financial system that not only generates profit but also fosters social and environmental well-being. By embracing ethical banking, Uganda can create a resilient financial sector that serves the needs of all its citizens, ensuring sustainable and inclusive growth for years to come.
The writer is the General Manager Commercial Banking at Centenary Bank
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