BUSINESS PHILOSOPHY
AFC’s Sustainable Business Strategy
Reflecting a value which has been intrinsic to the Group and its ethos – of making a positive impact on all our stakeholders and the planet, AFC has extended its commitment by setting itself a set of high impact goals to uplift people, the nation and the planet. The goals and initiatives also reflect long term envisioning with specific action today and tomorrow to meet those objectives. We have hence, also aligned our value creation strategy by embedding it with sustainability principles to meet these goals.
AFC Purpose statement
“Make the world a better
place through sustainable finance”
AFC High Impact Goals
Goal 1
Reduce the national carbon footprint of Sri Lanka by 120,000 CO2Mt by 2030.
Goal 2
Further, expand the lending services to the low-income segments by LKR 50 billion in 5 years through over-the-counter and innovative products to create financial inclusion.
Goal 3
Improve savings, investment, and digital transactions of rural population and Children by LKR 10 billion in 5 years through innovative gold investment, children and general savings and digital transaction products.
Goal 4
Develop 100,000 MSME entrepreneurs and self-employment opportunities by 2025/2026 FY.
SDG value creation
We have pledged our commitment to achieve Sustainable Development Goals (SDGs) in 2017, by signing the Karlsruhe Resolution, at the Sustainable Finance Conference in Karlsruhe, Germany. During the three years since passed, our Purpose, High Impact Goals, Strategies, business functions, and roles of employees have been aligned with relevant SDGs in a manner that can enable AFC to fulfill our pledge. We practice the 5P approach of sustainable development to implement, monitor, and assess our contributing activities.
People
- Financial solutions for income generation activities
- Outreach in rural and marginalized areas
- Investments in Agriculture sector
- Female customers supported
- Female cadre in AFC
Planet
- AFC ‘Thuru Mithuru” – 1mn trees for Unity project
- AFC carbon footprint
- Biodiversity conservation and ecosystem restoration -
- Conservation areas
Prosperity (Profit)
- Value created for key stakeholders
- Outreach outside Western province
- Lending to customers
- Points of presence
- Taxes paid
- Investment on CSR initiatives
- External and internal trainings to employees
Partnerships
- Network Partners
- Memberships in associations
- Funding partners/ Impact investors
Peace
- Initiatives promoting peace and harmony
- Responsible and inclusive financial services
Sustainability Certification
Establishing new sustainability benchmarks for the industry
Our commitment to a Triple Bottom Line Value Creation strategy has also spurred us onto seek international accreditations and reach higher to meet new benchmarks, whilst also establishing new benchmarks for the entire industry in Sri Lanka and the region.
AFC was accepted into the pioneering Sustainability Standards and Certification Initiative (SSCI) in 2018, considering the decade long contribution, commitment and passion towards sustainability. The company adopted the principles dictated by the standard to upgrade the sustainability mandate to build up AFC as a true value driven financial institution. As a result of a process that entailed integration of sustainability principles to every level of business from governance to product portfolio and human resource management, AFC became the First Non-Bank Financial Institution in South Asia to become a holistic sustainability certified value driven financial institution, under SSCI in 2020.
SSCI Certification is the world’s first measurable and certifiable standard for social and environmental sustainability for the Banking and Finance industry, offered by the International Council of sustainability Standards for Value-Driven Financial Institutions; chaired by the European Organization for Sustainable Development (EOSD), in partnership with the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) and the Association for African Development Finance Institutions (AADFI).
Recent Project Highlights
biodiversityconversation and echo system restoration projects
Hill country leopard conservation project
AFC has joined hands with the wilderness and wildlife conversation, trust , founded by DR Andrew kittle and Anjali Watson – veteran conservationists and Leopard specialist. as their Financing Partner for the Peak Ridge Forest Corridor Project. the objective of this collaboration is to help protect the hill country leopards and minimize human – leopard encounters, whilst restoring eco-system of the selected area in the central hills of sri lanka.
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PROACTIVE SUSTAINABILITY
Biodiversity conservation and ecosystem restoration
Social entrepreneur empowerment
AFC gas converted tuks
AFC Organic Vegetable
