The Lagos Waste Management Authority (LAWMA) has partnered Sterling Bank Plc and PAKAM Technology, on the launch of the WasteBanc initiative, aimed at promoting the culture of recycling to tackle the challenge of waste management across the state.

The event took place at Sterling Bank’s head office, Marina, Lagos Island.

In his speech, the Managing Director/CEO of LAWMA, Dr. Muyiwa Gbadegesin, lauded the bank for the initiative, noting that the programme would make a huge impact on the waste management value chain, by addressing most prevalent challenges.

He said the purpose of technology was to solve problems, urging residents to imbibe the tenets of recycling, espoused by the 3R’s,  by reducing, reusing and recycling their waste materials, adding that the practice would help tackle the challenge of waste resurgence in the metropolis.

Earlier in his address, the Managing Director/CEO of Sterling Bank, Mr. Abubakar Suleiman, noted that the launch of the WasteBanc initiative was based on the principle of alternative banking, which entailed placing value on waste and getting people to see the inherent economic benefits, for enthronement of  a clean environment.

He noted that the bank, in the past 14 years, had partnered the Lagos State Government and other states across the federation, by supporting their waste management programmes, adding that the WasteBanc initiative was about using technology to create a business model that would create wealth for the people.

Project Manager, WasteBanc, Mr. Omoseni Ademowo, demonstrated how residents could download the app on Google Playstore or IOS, to schedule pickup of the recyclable materials and other functions.