CABS recognised in ESG and digitalisation

 

Staff Writer

Banking unit, CABS, was recognised in two awards categories at the Banks and Banking Survey and Awards 2024, showing the bank’s commitment to ESG and its digitalisation drive.

CABS was the runner-up in both the Environmental, Social, and Governance (ESG) and Digital Innovation awards.

ESG has become a central focus for banks, driven by growing regulatory pressures, market demand, and the broader recognition that sustainable practices can reduce risks and create long-term value.

By integrating ESG considerations into their investment, banking, insurance, and other financial products, banks can maintain profitability while making good on their customers’ and investors’ desires to promote sustainable practices, support social causes, and foster responsible governance.

The African Development Bank (AfDB) recently said it is working on a US$100 million environmental, social, and governance (ESG) facility for Old Mutual Zimbabwe and its banking unit, Central Africa Building Society (CABS), as part of its commitment to support the economy.

According to CABS ESG policy, the bank is committed to maintaining a banking approach that incorporates considerations of environmental, social, and sustainability as well as corporate governance risks and opportunities.

The policy defines CABS’ approach to environmental, social, and governance risks and how such risks feature in the lending, outsourcing, and contracting decisions made by CABS.

The depletion of natural resources and the threat of climate change have raised concerns about the environment and the potential financial impact on businesses.

The financial institution has remained committed to corporate social responsibility, recognising the importance of making a positive impact on individuals and community lives.

Worldwide, digitalisation has emerged as a driver for accelerated provision of financial services and enhanced revenue growth.

CABS has managed to scale up digital capabilities across its service lines from customer onboarding, back-end processes, contact centres, and payment channels.

The bank has managed to introduce several enhancements to its digital offering to cater to customers evolving needs.

The 2024 Banks and Banking Survey and awards were held on Thursday, 12th December 2024, and the event ran under the theme “Weaving through a dynamic liquidity terrain in Zimbabwe.”

The survey looks into the factors influencing the liquidity crisis, sharing innovative ideas and exploring strategies to help the banking sector maintain stability.