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Sustainability on the horizon? An investigation into sustainable banking practices in an emerging economy
Gbadamosi, Ayantunji Al-Abdulrazak, Rula M.
Gbadamosi, Ayantunji
Al-Abdulrazak, Rula M.
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2024-04-26
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Abstract
Purpose: This study aims to investigate sustainability practices in the banking industry, focusing on a developing economy. It uses the triple-bottom-line framework to answer the following research question: how do banks in Nigeria conceptualise sustainability, and what role does it play in their banking practices? Design/methodology/approach: This study adopts a social constructivist approach in its exploration of banking sustainability practices in an emerging economy, and the research design is a purpose-based (exploratory) approach. The qualitative data was collected from 33 bank personnel from various bank units and departments through semi-structured interviews to achieve the research objective. Findings: The study reveals a lack of sustainability policies and programmes, as banks focus mainly on profitability. It uncovers unfair treatments of bank workers through casualisation, low wages and work overload. It indicates that most banks in developing countries ignore environmental considerations, as they still carry out paper-based transactions and use diesel-powered generators, which cause various negative environmental impacts. It also confirms that governments and banks in the country are not doing enough to propagate sustainable practices and banks have also not taken advantage of the sustainability concept to promote their brands; instead, they consider it as requiring additional operational costs. Practical implications: The findings demonstrate the need for banks to see sustainability from a marketing point of view and adopt sustainable practices to create additional value that will improve their brand image and enhance their competitiveness. Originality/value: The importance of sustainability in the banking industry in emerging economies is considered a viable means of contributing to the overall development goals of the United Nations as the world tries to preserve the environment. It also highlights the consequences of inaction or unsustainable banking practices.
Citation
Sani, K.F., Gbadamosi, A. and Al-Abdulrazak, R.R. (2024) Sustainability on the horizon? An investigation into sustainable banking practices in an emerging economy. Society and Business Review, 19 (4), pp. 553-576. https://doi.org/10.1108/SBR-09-2023-0275
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Journal article
Language
en
Description
This is an author's accepted manuscript of an article published by Emerald in Society and Business Review on 26/04/2024, available online: https://doi.org/10.1108/SBR-09-2023-0275 The accepted manuscript may differ form the final published version.
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ISSN
1746-5680
EISSN
1746-5699