The power of advanced digital tools in revolutionizing sustainability reporting took center stage at the Financial Reporting (FiRe) Awards 2024, held on Friday, December 6, in Nairobi.
Representing Dr. James Ekerare Neminebor, Chairman of Council and President of the Association of National Accountants of Nigeria (ANAN), Prof. Suleiman Aruwa delivered a compelling keynote address highlighting the transformative potential of technologies like AI, blockchain, and data analytics.
“These advanced tools are not just enhancing precision and efficiency in sustainability reporting; they are fundamentally reshaping how businesses interact with stakeholders,” Prof Aruwa said.
Themed “Championing Effective Sustainability Reporting through Technology and Innovation to Enhance Transparency,” this year’s awards recognized organizations that have excelled in leveraging technology to advance financial and sustainability reporting standards.
“By embracing these innovations, organizations can respond to market demands with agility, demonstrating transparency and accountability,” Prof Aruwa said.
Leading the pack was Kenya’s telecom giant, Safaricom, which won the Integrated Reporting category for the second consecutive year. The award underscores Safaricom’s dedication to embedding technology in its reporting frameworks.
Dilip Pal, Safaricom’s Chief Financial Officer, expressed his gratitude for the recognition, attributing the win to teamwork and a shared commitment to innovation.
“Some awards are special because they reflect true teamwork, showcasing what is possible when we work together across the organization,” Pal said.
Technology as the Backbone of Sustainability
Prof Aruwa emphasized the critical role technology plays in meeting the evolving expectations of stakeholders. He highlighted blockchain for its ability to ensure data integrity, AI for its predictive insights, and data analytics for uncovering actionable trends. Together, these tools are driving more informed decision-making, particularly in the face of climate change, adopting green energy and global market disruptions.
“Organizations that leverage technology to enhance their sustainability practices will not only gain a competitive edge but will also contribute to the global drive for accountability and ethical business practices,” Prof Aruwa said.
The FiRe Awards, a hallmark event in Kenya’s financial sector, celebrated companies across various sectors, from telecommunications to manufacturing.
“Organizations that integrate sustainability into their practices help build a more equitable and sustainable global community,” CPA Dr Grace Kamau, said.
The awards aim to promote the adoption of high standards in financial and sustainability reporting, encouraging organizations to integrate innovative technologies.
“Transparency is the foundation of trust and what we stand for today,” Nairobi Securities Exchange Boss, CPA Frank Mwiti said. “Sustainability is a central pillar for our investors,” Sustainability is a central pillar for our investors,” he added.
Blockchain plays a pivotal role in advancing sustainability reporting by ensuring data transparency, accuracy, and security. Its decentralized nature allows financial institutions to track sustainability metrics such as emissions, resource usage, and ethical sourcing throughout the supply chain.
With blockchain, all stakeholders can access a single, tamper-proof record of sustainability-related activities, fostering trust and accountability. This technology enables organizations to provide verified and real-time updates, meeting the rising demand for reliable sustainability disclosures and aligning with the push for more transparent reporting practices.
As Kenya continues to position itself as a hub for tech innovation, events like the FiRe Awards shine a spotlight on the transformative power of digital tools in fostering accountability and transparency.
Safaricom’s repeat win serves as a testament to the strides Kenyan companies are making in marrying technology with sustainable business practices.
“Tech and Innovation Drive Transparency in sustainability Reporting,” said Prof. Suleiman Aruwa.
