As part of their efforts at turning waste to wealth and reducing the menace of pollution in the state, Sterling Bank and the Lagos State Government have partnered to launch Wastebanc initiative.
According to them, Wastebanc gives businesses, individuals, and wider society the opportunity to exchange their PET bottles at an equivalent of cash redeemable on Sterling Bank and Alternative Bank accounts in Lagos State.
Speaking at the official launch of Wastebanc, in Lagos, the Chief Executive Officer, of Sterling Bank, Abubakar Suleiman, said there was a need to put a price on waste management for people to embrace the culture of recycling.
He noted that to attract more intervention from private organisation, deep-rooted collaboration with government agencies remains key to curb waste and pollution.
According to him, “Because it is the responsibility and the power to regulate waste lies with the government; so, we started from the beginning by saying we will only do this if we have the partnership of the various government agencies that are responsible for this. Am glad to say we have an impeccable partnership with Lagos State across multiple fronts, not just in environment and waste management but also in health.
“Wastebanc is about using technology and the power of micro-entrepreneurs that genuine want to make a living. By bringing the two together with a financial institution under an umbrella of a regulator to create a business model that can scale and be sustainable.”
Speaking, the MD/ CEO of Lagos State Waste Management Agency (LAWMA), Dr. Muyiwa Gbadegbesin, stated the need for more collaboration to curb waste menace using technology across the state.
According to him, “About 50 percent of what we are burying in landfills are actually recyclable and to me there is urgent need to make this work to reduce the pressures on our landfills.”
Giving more perspective at the event, Product Marketing Manager, WasteBanc, Bofamene Berepamo, stated that they are asking Nigerians to join them in reimagining sustainability and rewriting the recycling narrative with innovative features that empower people to make a difference.
