The innovative tool enables banks to inform customers about the carbon footprint of their purchases
Dubai, United Arab Emirates: Rawbank has announced that it will become the first bank in the Democratic Republic of the Congo (DRC) to adopt Mastercard’s Carbon Calculator with the aim of promoting environmentally responsible consumer behavior. The innovative tool was developed by Mastercard, together with Swedish fintech company Doconomy, to help inform customer spending and drive more climate-conscious purchasing decisions.
The landmark announcement was made on the sidelines of 28th UN Climate Change Conference (COP28) in Dubai in the presence of senior executives from Mastercard and Rawbank.
The Mastercard Carbon Calculator enables consumers to receive a snapshot of the carbon emissions generated by their purchases across spending categories. Banks can seamlessly integrate the feature into their mobile apps through APIs that are available on the Mastercard Developers platform, and customize it for eco-conscious consumers, allowing them to make an active contribution to protecting the planet.
The Carbon Calculator estimates the environmental impact of each purchase using a weighted calculation that takes into consideration the amount spent and the category. The calculations are powered by the independently verified Doconomy Åland Index. They can be enhanced with relatable and easy-to-understand equivalents, such as the number of trees required to absorb the same amount of CO2, and tips about living more sustainably.
“At Mastercard, we are committed to leveraging innovative technologies to build a sustainable world that works for everyone everywhere. We are delighted to welcome Rawbank to the ranks of companies that use our Carbon Calculator for the benefit of people and the planet by motivating their customers to adopt more environment- and climate-friendly shopping habits,” said Khalid Elgibali, Division President, Middle East and North Africa, Mastercard.
“Rawbank with its new motto “more than a Bank” seeks to give back to society through supporting projects with high social and environmental impact. We have identified six priority UN Sustainable Development Goals (SDGs) on which we focus our efforts, including SDG 13: Climate Action. In this context, we look forward to rolling out Mastercard’s Carbon Calculator that will allow us to use digital channels to educate our customers on the environmental impact of their spend. We are proud to be the first mover on this initiative in DRC,” Mr. Mustafa Rawji, CEO, Rawbank.
The Carbon Calculator complements the work of Mastercard’s Priceless Planet Coalition, guided by its restoration partners, Conservation International and World Resources Institute, which unites corporate efforts to restore 100 million trees worldwide with the aim of fighting climate change.
About Mastercard (NYSE: MA) www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
About Rawbank S.A: www.rawbank.com
Rawbank has been supporting the development of the Congolese economy for 21 years. It offers the most modern products and services to its 500,000+ corporate, SME and individual customers through a network of 100 sales outlets in 19 provinces of the country. This vast network of branches is complemented by a representative office in Brussels and 265 ATMs. With over 1,800 employees, Rawbank has a market share of over 35%. For several years now, Rawbank has been engaged in a vast process of digitalising its services to facilitate banking transactions and improve the customer experience, but also internally by optimising its processes through the integration of several digital solutions. The bank now offers all its customers an online banking solution, Rawbankonline, as well as illicocash, an electronic purse application.
Strength, profitability and sustainability are Rawbank's priorities in consolidating its growth strategy. Rawbank is building this growth by including a dedicated support programme for women entrepreneurs in its offering: the Lady's First programme. Under this programme, a number of women benefit from banking services and access to credit at preferential rates, but above all, from support in developing their projects.
Its efforts have been rewarded with the African Bankers Award 2022 for the best regional bank in Central Africa, a Moody's CAA 1 rating, the Best Bank in DRC 2023 by Global Finance, and ISO/IEC 20000 and ISO/IEC 27001 certification.
The partners who place their trust in RAWBANK include: IFC, BAD, TDB, BADEA, Shelter Africa, AGF.