BANK OF AFRICA has launched a new prize to support projects and research focused on sustainability and positive social impact.
The award is run by the bank’s Panafrican Chair of Sustainability and Impact Finance, created with six Moroccan universities.
Applications are open from 15 February to 15 April.
The prize has two categories. The first, “Innovative Research”, will reward academic studies that bring new ideas to deal with environmental and social challenges. This could include new tools, technology or methods that can change how companies work.
The second, “Impact Initiative”, will recognise real-world projects led by businesses, charities or public bodies that show clear and measurable results in areas such as protecting the environment, improving people’s lives and promoting good management practices.
A panel of experts will review the applications. They will look at the project’s impact, how new the idea is, whether it can be applied in real life, the quality of the work and whether it can be expanded on a larger scale. Winners will receive official recognition, financial support and guidance through the Chair’s academic and professional network.
The move comes as banks in Africa face growing pressure to support projects that are both profitable and socially responsible. By working closely with universities, BANK OF AFRICA says it wants to connect academic research with business needs on the ground.
The Chair aims to create clear standards to measure social and environmental results. The bank says this can help financial institutions fund green and socially useful projects with more confidence.
Beyond the prize money, winners will also gain access to the bank’s wide network of partners, which could help their ideas grow and reach more people.
BANK OF AFRICA says the initiative is part of its wider effort to promote responsible finance and support sustainable development.
