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Nigerian banks donate N41.8bn to police, women in one year

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BUSINESS REVIEW: All that noise by commercial banks on financial inclusion; in whose interest?

Twelve commercial banks have disclosed that between 2020 and 2021 they have donated a combined total of N41.8 billion as part of corporate social responsibilities.

According to the banks, N22.82 billion was donated in 2021, a 27.5 per cent increase when compared to N17.8 billion donations made in the previous year.

In the corporate world, companies are encouraged to contribute part of their revenues as charitable donations in line with their Corporate Social Responsibility (CSR) policies.

Data obtained from the audited account of the banks showed that Zenith bank led the table with a charitable donation of N4.45 billion in 2021.

A breakdown shows the bank made most of its donations to various Security Trust Funds amounting to N2.78 billion.

FBN Holdings is the second highest with N4.35 billion CSR donations in 2021.

Read also: Nigerian banks spend N6.9bn on welfare package for MDs CEOs

Access Bank comes next as it donated N4.1 billion to charitable causes, a 55.9% increase compared to N2.6 billion contribution made in the previous year.

GTCo also sponsored the basketball sport with N20.58 million. Others include promoting financial literacy and financial inclusion drive in Northern Nigeria, Sports Education Support, University of Lagos hostel renovation etc

List of other banks donations to CSR in 2021 are Stanbic IBTC (N1.51 billion) FCMB (N1.48 billion) UBA (N1.41 billion) Fidelity Bank ( N1.38 billion) Union Bank (N1.2 billion) Wema Bank (N724 million) Unity Bank (N671 million) and Sterling Bank (N250 million)

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