Be responsible for your business and take action for a more sustainable future
As change agents, we at PCCL embrace fresh perspectives that rise above conventional thinking. It is in the best interest of delivering tangible results and meeting our primary objective of uplifting livelihoods. In this line of business, integrity and reliability are paramount in our core values system.
We take our responsibility towards society seriously and have gained membership at the United Nations Global Compact to help strengthen our resolve. In embracing the UN Global Compact principles we align ourselves to “do business responsibly and take action for a more sustainable future.” Accordingly, we are mindful of several focus areas in the communities that we operate in. These include:
· Environment
· Social sustainability and social issues
· Economic development towards good governance and stability
· Sustainable development
It is in the interest of all, that we have devised a core concept that serves as a foundation to our operations-the Triple Bottom Line concept that encompasses sustainable development.
The Triple Bottom Line concept
· Social Impact
· Environmental Sustainability
· Financial Return
As we have adopted this practice since the inception, we are no new comer to best practices. Striking a balance between these three aspects is at the heart of our micro finance business.
Social Impact
Our social impact begins with our staff by providing them with sound working conditions that include a five-day work week, free education opportunities, a life insurance scheme and other incentives.
To strengthen our commitment to our staff we strive to uphold universal values stipulated in Great Place to Work® and consequently PCCL has already been subjected to an independent audit to assess any shortcomings that may exist when meeting specific criteria.
Similarly, for our customers we have adopted the principles of Social Performance Management to cultivate a client or community-centred culture.
Accordingly, in creating value for our customers we focus on customer-centric product development to provide loans that meet the needs of communities each region. We in extend social privileges through entrepreneurship training and a scholarship programme to build capabilities and create viable individuals in society.
With a view to empower youth we have introduced the ‘Danuma’ education programme which awards a monthly contribution of Rs.500 for students those who have passed grade 5 scholarships exam till they reach Ordinary Level. For Advanced Level students we make a monthly contribution of Rs.1,000 and also organize free seminars for A/L and O/L students.
Environmental Sustainability
In our effort to uphold ethical environmental performance we remain conscious of the impact our products and operations have on the environment.
As a part of our endevours to uphold responsible practices we conduct awareness programmes to encourage the usage of organic fertilizer in the field of agriculture including home gardens. We also urge individuals to maintain small vegetable gardens utilizing existing spaces to drive an efficient mechanism of sustainable development with minimal resources.
We also take measures to instill in our clients engaged in agriculture to utilize pest control methods that are environmentally friendly or have minimal impact on the environment, using of organic fertilizer, as much as possible.
Financial Return
Our financial performance is achieved on the grounds of sustainable development to drive the company’s business strategies. The key to our financial performance is maintaining a balance between social and financial performances. Our product portfolio and services have been formulated with the interest of empowering entrepreneurs and SMEs. Through our business strategies they can discover stable markets and growth potential to further their aspirations and way of life. Their success fuels community development which in turn fuels our own success.
The Sustainable Development Goals are a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity. There are 17 goals, all of which are underpinned by more tangible targets, and all of which require global cooperation, fast action, transparency, better management of resources (or assets) and trust — these are all things which blockchain can help us deliver.
A major facet of traditional banks is the way they process our identity, with many banks less interested in understanding your character as they are complying with regulations. By using blockchain, many of these challenges evaporate as a consistent digital ID follows each individual around.
Avoiding a traditional bank-led approach means not having to replicate legacy banking systems that bring large transaction costs with them. In a stroke, the partners will be able to use the distributed ledger technology of the blockchain to make the process and recording of transactions simple and efficient. Not only that, because they’ll be integrating it with existing microfinance networks it will be designed around the consumer from the start.
While zero-fee financial services are the immediate goal, the trust and transparency brought about by the blockchain could also lay the foundations of a modern infrastructure that solves other problems for the unbanked, such as credit scoring.
We might not realise it, but every financial transaction has a climate consequence — whether it is obvious, such as filling up your car with petrol or booking a long-haul flight, or subtle, like when you buy a coffee or a new pair of shoes, or even increase your cloud storage plan. Our daily choices leave a carbon footprint. We know this, and we are all aware of the monumental climate risks posed by carbon emissions. Demand for solutions is growing.
So, you might get a token for taking a ride-hailing service instead of a personal vehicle, or if you buy locally-produced seafood rather than importing it from South Asia, where it incurs lots of air miles. Consumers are rewarded with the tokens at the time of purchase, which they store in a digital wallet and can then use to buy other products and services. For example, if Home Depot offered you a token for buying a fuel-efficient lawnmower, you might be able to use that against another purchase from the store.
