Banking and social responsibility: towards sustainable socio-economic development

Abstract

Business is arguably the most powerful institution in society, both nationally and internationally. As such it wields enormous influence, not only in terms of world economics and economies, but also in terms of the environmental, social and ethical domains. Banking is a critical and essential element of any business environment; and so also is an enabling policy and regulatory framework. Increasingly economic life cannot be viewed in isolation or solely from a national lens. Globalisation has become a fact of life, and the relationships between the rich and poor, producer and consumer nations continue to distinguish trade relations between nations. Somehow bilateral and multilateral trading relations which are intended to ensure fairness and access to goods and services, themselves function to entrench existing inequalities. Banking and financial services in general, and their operations, are least understood by those who access and need their services, and somehow most of us feel that we are at the mercy of banks rather than being clients who are investing our money expecting to receive a fair return- either in financial benefits or in customer service.